Chennai: The Economic Offences Wing (EOW) conducted searches at more than 10 locations linked to T. Devanathan Yadav, who was recently arrested for allegedly defrauding investors through the Mylapore Hindu Permanent Fund Nidhi Limited.
Yadav, who served as the Chairman and Managing Director (CMD) of the finance firm, is accused of failing to pay promised returns and maturity amounts to depositors.
The EOW’s investigation has revealed that the finance firm defaulted on payments totaling âč24.5 crore, with 144 complaints lodged against the company so far. As part of the investigation, the offices of both the finance firm and Win TV, a media company owned by Yadav, were sealed after the searches.
Yadav was the BJP-led NDA allianceâs candidate for the Sivaganga constituency in the recent Lok Sabha elections, where he ran as a crorepati candidate but was unsuccessful. Apart from his involvement in the finance and media sectors, Yadav also has business interests in mining, renewable energy, and agriculture.
In connection with the case, the EOW also arrested two employees of Win TV who were directors in the finance firm: reporter R. Gunaseelan, aged 57, and cameraman D. Mahimainadhan, aged 53. Both are alleged to have played a role in the financial misconduct that led to the defrauding of investors.
The EOW’s actions mark a significant escalation in the ongoing investigation as authorities work to uncover the full extent of the fraud and bring those responsible to justice. The sealing of the company’s offices and the arrests of key individuals signal a strong response to the financial mismanagement and the impact on the affected depositors. Further investigations are expected as more evidence is gathered in the case.