TN Police have arrested Devanathan Yadav, the MD of The Mylapore Hindu Permanent Fund Nidhi Ltd based in Mylapore. He was picked up in Tiruchi and is being brought to Chennai for investigation.
The Fund has been charged by hundreds of depositors for delaying / non payment of interest on deposits since January 2024, for not returning matured sums and many other lapses and for making empty promises the past 6 months.
Two other directors .of the Fund have also been arrested and police are looking out for one more person
In the past fortnight, hundreds of depositors filed formal complaints with the Economic Offences Wing of TN Police.
Yadav recently contest the Lok Sabha elections from Sivagangai, under the BJP symbol and lost badly.
Over Rs.500 cores are said to be invested in the Fund’s various schemes.
