CHENNAI: The Madras High Court has yet again denied bail to T Devanathan Yadav, managing director of the Mylapore Hindu Benefit Fund-Nithi Company, in the swindling of depositors’ money case.
Justice K Rajasekar dismissed the bail application filed by Devanathan on Thursday. Counsel for Devanathan, who is accused of swindling Rs 561.48 crore of 4,870 depositors, submitted that he (Devanathan) is ready to sell off his property and repay the money owed to the depositors, and that the court can appoint a retired judge as commissioner for supervising the process.
However, counsel for the CB-CID strongly objected to granting bail stating that he (Devanathan) had not fulfilled the undertaking given to the court while releasing him on conditional interim bail late last year.
He informed that steps have been taken to identify his properties and attach them.
It may be noted that Devanathan was granted interim bail last year with the condition that he should deposit Rs 100 crore by selling his property, but the bail order was cancelled after he failed to comply with the condition.