CHENNAI: The Economic Offences Wing in Chennai has arrested businessman T Dhevanathan Yadav for allegedly cheating around 140 investors of the Mylapore Hindu Permanent Fund Nidhi Limited of `50 crore by failing to give them returns on investments as promised. Yadav had unsuccessfully contested as BJP’s candidate from Sivaganga in the 2024 Lok Sabha election.
Some investors who had fixed deposits with the company were not given back their money even after the deposit period expired. Based on their complaints, the police nabbed the company’s chairman and managing director, Dhevanathan, from Tiruchy and brought him to Chennai for interrogation on Tuesday.
In June this year, several investors staged a protest outside the company demanding that their money be returned. Dhevanathan is the president of Indhiya Makkal Kalvi Munnetra Kazhagam. He unsuccessfully contested the 2024 parliamentary election from Sivaganga constituency representing the BJP-led NDA alliance.
According to the website of Mylapore Hindu Permanent Fund Nidhi Limited, Dhevanathan is also the founder of Diksat Transworld Ltd. which operates a news channel in Tamil Nadu.
BJP’s candidate in Sivaganga
Dhevanathan is the president of Indhiya Makkal Kalvi Munnetra Kazhagam. He unsuccessfully contested the 2024 LS poll from Sivaganga representing the BJP-led NDA alliance