T Devanathan Yadav, the founder of India Makkal Kalvi Munnedra Kazhagam and owner of Win TV, was arrested on Tuesday on charges of cheating depositors of Rs 50 crore. Yadav, who also unsuccessfully contested the recent Lok Sabha elections from Sivaganga on a BJP ticket, is accused of defrauding over 140 individuals who had invested in his financial venture.
In addition to his political activities, Devanathan Yadav serves as the Chairman and Managing Director of Mylapore Hindu Permanent Fund Nidhi Limited, a 147-year-old financial institution. Through this company, Yadav solicited deposits from the public by promising higher interest rates compared to traditional banks.
However, as time passed, the depositors did not receive the promised returns or interest on their investments. Despite multiple requests for their money, Yadav failed to provide any assurances, leading to growing frustration among the investors. When it became clear that their money was at risk, more than 140 affected depositors lodged a formal complaint with the Economic Offences Wing (EOW) in Chennai.
Months earlier, some of these depositors had even staged a protest outside the firmās head office, demanding the return of their funds. However, they were pacified by promises from Yadav’s representatives, which were ultimately not fulfilled. As the pressure mounted, the EOW launched an investigation and registered a case against Yadav.
According to police sources, he had been evading authorities since the complaint was filed, but was finally apprehended after an extensive search.