Film producer Ravindhar Chandrasekaran held for investment fraud
The Hindu
CCB's EDF Wing-I arrests film producer for cheating businessman of ₹15.83 crore. Businessman Balaji Kapa entered into investment agreement with Ravindhar Chandrasekaran, who used forged documents to obtain money. Investigation revealed fraud, Ravindhar remanded in judicial custody.
The Entrustment Document Fraud (EDF) Wing-I of the Central Crime Branch (CCB) on Thursday arrested a film producer for allegedly cheating a businessman of ₹15.83 crore.
The police said Balaji Kapa, of Madav Media Pvt. Ltd., lodged a complaint before the Greater Chennai Police Commissioner stating that in October 2020, Ravindhar Chandrasekaran, 39, of Libra Productions Pvt. Ltd., approached him and proposed a new business for converting municipal solid waste into energy and sought finance assistance. They entered into an investment agreement on September, 17, 2020, and Mr. Kapa paid of ₹15.83. After receiving the amount, Ravindhar neither started the energy business nor returned the money.
Based on the complaint, a case was registered, and the EDF started an investigation. During the investigation, it was revealed that Ravindhar had used forged documents to obtain the investment from Mr. Kapa.
Ravindhar was on remanded in judicial custody.
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