TN’s 2nd richest LS candidate Devanathan held in cheating case

Chennai, NT Bureau: T. Devanathan Yadav, the second richest candidate from Tamil Nadu in the Lok Sabha polls, was arrested Tuesday morning for allegedly cheating depositors of Mylapore Hindu Permanent Fund Nidhi Limited, in Chennai.

Devanathan, the founder of Indhiya Makkal Kalvi Munnetra Kazhagam, is the CMD of the 152-year-old non-banking financial institution (NBFC). He also owns a TV channel.

The Tamil Nadu Police’s Economic Offences Wing (EOW) has received 100- plus complaints from the depositors so far, alleging that Devanathan did not return their invested money even after the maturity period.

“It is said that there are over 5,000 people who have deposited their money to a tune of over Rs 500 crores and were waiting for the returns,” a senior EOW officer told ThePrint.

Established in 1872, the Mylapore Hindu Permanent Fund Nidhi Limited boasts of over 5,000 depositors, most of whom are pensioners.