T.N. NDA leader Devanathan Yadav arrested in cheating case

NDA leader T. Devanathan Yadav has been arrested by the Economic Offences Wing of the Tamil Nadu police on the charge of cheating over 150 depositors of the Mylapore Hindu Permanent Fund Nidhi Limited, which failed to return their investments after the maturity period and give interest as promised. 

T. Devanathan Yadav, the leader of Indhiya Makkal Kalvi Munnetra Kazhagam, has been arrested by the Economic Offences Wing of the Tamil Nadu police on the charge of cheating over 150 depositors of the Mylapore Hindu Permanent Fund Nidhi Limited, which allegedly failed to return their investments after the maturity period and give interest as promised. 

Mr. Yadav was a candidate of the BJP-led National Democratic Alliance (NDA) in the Sivaganga constituency in the 2024 Parliamentary elections. He serves as the chairman and managing director of the Mylapore Hindu Permanent Fund Nidhi Limited. 

The police said that over 140 depositors lodged complaints alleging Mr. Yadav and his company cheated them to the tune of over ₹50 crore. They alleged their deposits were not returned after the maturity period and that the interest accrued on the deposits was also not given to them.

Upon investigation into these complaints, a case was registered against him by the Economic Offences Wing. The police said he was arrested on Tuesday morning in Tiruchi as he was travelling to Pudukkottai. He will be brought to Chennai to be produced before a court, the police added.