The Principal Sessions Court at Chennai has rejected the bail petition filed by film producer Ravindar Chandrasekaran who was arrested recently by Central Crime Branch for cheating the owner of another production company of ₹15.83 crore.
Ravindar of Libra Production Limited has produced and directed films. According to prosecution/police, Balaji Kapa of Madav Media Private Limited lodged a complaint before the Commissioner of Police, Greater Chennai Police, stating that in October-2020, Ravindar approached him and proposed to start a new business in a power project by converting municipal solid waste into energy. Ravindar sought financial investment besides luring Balaji with promise of good profit.
On entering into an investment agreement on September 17, 2020, Balaji transferred ₹15,83,20,000 to Ravindar. After receiving the amount, Ravindar neither started the energy business nor returned the money. The accused issued cheques at different occasions, but none were honoured. Thereby he cheated Balaji.
On the complaint from Balaji, a case was registered, and Ravindar was arrested on September 7. He has been lodged at prison. Filing the bail petition, Ravindar said the allegation levelled against him by the complainant was entirely false and baseless. He requested time to settle the amount, which was not considered by the respondent police while registering the FIR. The matter was purely civil in nature and money dispute between two parties, said the lawyer of Ravindar.
Dismissing the bail petition, S. Alli, Principal Sessions Judge said, “This court finds some force in the contention of the de facto complainant. Huge amount is involved in this case. The petitioner/Ravindar was arrested only on September 7. Investigation is at the threshold stage. Cheated amount is not yet recovered. Releasing the petitioner is not conducive for investigation.“