The Chairman-cum-Managing Director (CMD) of Mylapore Hindu Permanent Fund Nidhi Limited, T. Devanathan Yadav, was arrested by the Economic Offences Wing (EOW) following several complaints from investors. More depositors have now come forward, alleging that the firm failed to return their investments and interest after the maturity period.
Yadav, along with two other directors of the firm, was remanded in judicial custody on Wednesday. He is also the leader of the Indhiya Makkal Kalvi Munnetra Kazhagam (IMKK). The growing number of complaints has raised concerns about the company’s financial dealings, which now appear to be part of a larger fraudulent scheme.
Investors claim that despite the company’s promises, their funds were never returned, and the interest payments ceased after the maturity period. The EOW has begun an investigation into the matter and is likely to uncover more details regarding the company’s operations.
In light of these developments, authorities are urging other affected investors to come forward with their complaints.
