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Film producer Ravindhar Chandrasekaran arrested in Rs 15.83 crores investment scam: Report
Film producer Ravindhar Chandrasekaran, aged 39 and associated with Libra Productions Pvt. Ltd., has found himself in legal trouble. The Central Crime Branch's Entrustment Document Fraud (EDF) Wing-I took action, arresting Ravindhar Chandrasekaran on charges of investment fraud.
As per a report by The Hindu, the case stems from a complaint lodged by Balaji Kapa of Madav Media Pvt. Ltd. Balaji Kapa reported to the Greater Chennai Police Commissioner that in October 2020, Ravindhar Chandrasekaran approached him with a business proposal.
The proposal involved the conversion of municipal solid waste into energy, for which Ravindhar sought financial assistance. Consequently, an investment agreement was inked on September 17, 2020, with Mr Kapa providing an investment of Rs 15.83 crore.
However, what followed was a breach of trust. Ravindhar failed to initiate the energy business as promised and did not return the invested funds. In response to the complaint, the EDF initiated an investigation. Subsequently, it was discovered that Ravindhar Chandrasekaran had utilised forged documents to secure the investment from Mr. Kapa.
As a result of these findings, Ravindhar Chandrasekaran has been placed in judicial custody.
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