As many as 3,686 depositors have filed petitions with the Economic Offences Wing (EOW) against Mylapore Hindu Permanent Fund Limited for allegedly defaulting in returning their investments. The cumulative defaulted amount is ₹486.95 crore so far, the police said, after scrutinising the petitions.
T. Devanathan Yadav, founder of Indhiya Makkal Kalvi Munnetra Kazhagam, who is also chairman and managing director (CMD) of the firm and two other directors were arrested by the EOW-CID last month following complaints from depositors that their investments were not returned after the maturity period. The company had also defaulted in payment of interest on deposits, they alleged.
The EOW also conducted a special petition mela last Saturday and received 312 petitions in a single day. Police sources said the bank accounts of the Fund and its directors were frozen and further investigation is on.
Published - September 18, 2024 10:14 pm IST
