HYDERABAD: Telugu film actor and producer K Nikhil Reddy was arrested Wednesday on charges of defaulting on a loan of Rs 50 lakh taken from a film financier. After arrest, the Narayanguda police presented him before a magistrate who sent him to remand. Nikhil Reddy, resident of Diamond Point in Secunderabad, was the producer of a film titled Angrez-II and allegedly borrowed Rs 50 lakh from film financier G Vasanth Kumar Goud in 2008. Goud lodged a complaint with the Narayanaguda police last year, stating that Nikhil had defaulted on the loan and threatened him with a revolver when pressed to pay up. Inspector G Girish Rao said a case was indeed registered against Nikhil Reddy in 2011 as per the directive of a local court. ``Based on the complaint lodged by Goud, we investigated the case. We found that Nikhil Reddy issued two post-dated cheques to the financier for a total of Rs 50 lakh, which bounced. Vasanth Kumar filed a petition in court, which directed us to look into the case,’’ Girish Rao said. Police have booked a case against Nikhil Reddy under Section 420 (cheating) and 506 (threatening) of ther Indian Penal Code.