In connection with the Mayilapur Hindu Permanent Fund scam, two partners of the company were arrested, following the earlier arrest of the main accused, Devanathan. The Special Court in Chennai, presided over by Judge T. Malar Valentina, ordered the judicial custody of Devanathan and the two arrested partners until August 28.The Mayilapur Hindu Permanent Fund, a 150-year-old financial institution based on South Mada Street in Mayilapur, has been under scrutiny. Devanathan, 62, has served as the Managing Director since 2017, with Gunaseelan, Mahimainathan, and Salomon Mohandas as directors.
Since 2021, the company allegedly lured senior citizens, retired government officials, and employees into investing by offering attractive schemes with interest rates ranging from 10 to 12 percent. It is alleged that this led to a scam involving approximately ₹525 crores.
A complaint was filed by Prasad, 52, a resident of Gandhi Nagar, Adyar, along with 144 other investors, at the Economic Offences Wing office in Chennai. The police, led by SP Jose Thankaiah, registered a case and arrested Devanathan earlier this week.
Following his arrest, the police apprehended the two directors, Gunaseelan, 55, and Mahimainathan, 52, in Chennai yesterday.
According to police sources, the investigation revealed that the scam involved around ₹50 crores, with documents accounting for ₹24.5 crores. The police are currently searching for another director, Salomon Mohandas, who remains at large.
Devanathan, Gunaseelan, and Mahimainathan were presented in the Chennai Special Court yesterday. The judge ordered their judicial custody until August 28.