Members of the Mylapore Fund Aggrieved Depositors Association conducted a press meet on the financial fraud conducted by the Mylapore Hindu Permanent fund limited in Chennai on Wednesday
| Photo Credit: S.R. RAGHUNATHAN
The Mylapore Fund Aggrieved Depositors Association (MFADA) has requested the intervention of the State government to expedite the investigation into defrauding the depositors’ money by the Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL).
K. Gnanaskandan, secretary of the MFADA, at a press meet on Wednesday, along with other office bearers wanted a comprehensive audit to trace all the misappropriated funds to the tune of nearly ₹700 crore from nearly 6,000 depositors by T. Devanathan Yadav, who was Chairman and Managing Director of MHPFNL. The association alleged that Yadav had amassed more than 70 properties by funnelling the depositors money using shell companies.
The association members pointed out that more than 11 depositors have lost their lives due to the closure of the MHPFNL after Mr. Yadav, along with other directors, was arrested on August 13, 2024, by the Economic Office Wing of the State Police following complaints of depositors not being paid their dues.
The association called for rapid recovery of assets and properties acquired using the depositors’ money and full repayment of the principal along with accumulated interest.
The association has planned to give a memorandum to the State government for speedy action on investigating the misappropriation of funds from MHPFNL.
Published – October 23, 2025 05:30 am IST
