New Delhi, July 30 -- Tamil film actor and self-styled doctor S Srinivasan also known as 'Powerstar' was arrested by the Economic Offences Wing in the national capital in a high-value loan fraud case, according to officials.

According to officials, Srinivasan had promised to arrange a loan of Rs 1,000 crore for a firm, but cheated Rs 5 crore from it.

The police said that Srinivasan was declare by the court as a 'Proclaimed Offender' twice. He absconded from trial proceedings since 2018 and he was the mastermind of a large-scale conspiracy to cheat the complainant company to the tune of Rs 5 crore on the pretext of arranging a Rs 1000 crore loan.

Investigation revealed fraudulent diversion of funds for film production and personal use. ...