Mylapore Hindu Fund scam: T.N. police assure expeditious relief to depositors

The Economic Offences Wing of the Tamil Nadu police have assured expeditious relief to depositors in the scam involving the Mylapore Hindu Permanent Fund Nidhi Limited.

The Economic Offences Wing of the Tamil Nadu police have assured the depositors in the scam involving the Mylapore Hindu Permanent Fund Nidhi Limited of expeditious relief.

In a press release, the police said a preliminary charge sheet was filed before a special court on November 11, 2024, against the company and its directors. While further investigation was in progress, the proposal for ad-interim attachment was being prepared. “As per the commitment of EOW, expeditious measures are being taken for restitution of the defaulted amount to the depositors, through the competent authority as provided for under TNPID Act,” the release said.

The police had registered a case against the fund company and its directors under the provisions of the Tamil Nadu Protection of Interests of Depositors (in Financial Establishments) Act, 1997, for cheating depositors who invested their money in attractive schemes with the rates of interest varying between 10% and 11%.

So far, five accused persons – T. Devanathan Yadav (64), R. Gunaseelan (57), D. Mahimainathan (53), P.A. Deva Senathipathy (63), and R. Sudhir Shankar (46) – were arrested and remanded in judicial custody. As many as 5,160 petitions were received, with the defaulted amount to the tune of ₹586 crore.

Searches were conducted at 11 places belonging to the accused persons and properties, including cash, gold, and other valuables, were seized. Documents of immovable properties valued about ₹280 crore were seized and shares worth ₹173 crore identified.