Financial fraud case: Devanathan Yadav remanded in judicial custody
Following the arrest of T. Devanathan Yadav, the Chairman-cum-Managing Director (CMD) of the Mylapore Hindu Permanent Fund Nidhi Limited, more depositors have lodged complaints with the Economic Offences Wing (EOW) against the firm, alleging that it failed to give interests and return their investments after the maturity period.
T. Devanathan Yadav and two other directors of the firm were remanded in judicial custody on Wednesday. Devanathan is also the leader of the Indhiya Makkal Kalvi Munnetra Kazhagam,
A senior officer of EOW said, “We received at least 150 complaints before registering the case. After the arrest of the three accused, more people have come forward to lodge complaints against the firm. As per initial inquiry, the firm has cheated depositors to the tune of ₹24.5 crore. We will be able to calculate the total amount only after analysing all the complaints. The process is on. We will take the accused in custody and interrogate them after obtaining due orders from the court.”
A case was registered against the firm, Devanathan, and the directors for criminal breach of trust, cheating, and other offences, based on a complaint by G. Prasad of Gandhi Nagar, Adyar. The complainant said he had invested ₹46 lakh as fixed deposit in recurring deposit schemes and cumulative schemes (from 2021 to 2024) in the financial firm.
According to the complainant, the firm launched various fixed deposit schemes and recurring deposit schemes for senior citizens and pensioners, assuring an interest rate of 8% to 12% per annum. However, it failed to pay the assured interest and maturity amount to the depositors, the complainant said.
This is a Nidhi company established in 1872. Devanathan took charge as its CMD in 2017.
Four special teams, led by Superintendent of Police Jose Thangaiya, were formed under the supervision of M. Sathiya Priya, Inspector General of Police, EOW.
The special teams arrested Devanathan from Pudukottai. The directors of the firm, R. Gunaseelan, 57, who is also a reporter with WIN TV, and D. Mahimainadhan, 53, a senior cameraman with WIN TV, were arrested from Chennai.
Read Comments
- Copy link
- Telegram
READ LATER
Remove
SEE ALL
PRINT