Devanathan, a 62-year-old resident of Deenadayalan Street, T. Nagar, and the chairman of the Mylapore Hindu Permanent Fund, has found himself at the center of a significant financial fraud investigation. Allegations have surfaced that Devanathan, along with his associates, defrauded senior citizens of ₹525 crore in investments made to his fund.Following complaints from 144 individuals, a probe was launched by the Economic Offenses Wing (EOW) in Ashok Nagar, Chennai. Under the leadership of SP Jose Thankaya, the police confirmed a fraud amounting to ₹24.50 crore. Subsequently, Devanathan and his associates, Gunaseelan and Mahimainathan, were arrested and are currently detained in Puzhal Prison.
In a further development, the police conducted searches at Devanathan’s residence and office, seizing crucial documents. Upon reviewing these documents, authorities have now frozen five bank accounts linked to Devanathan that were allegedly used in the fraud. Additionally, plans are underway to freeze other assets connected to the accused as the investigation continues.
This case has raised significant concerns among the affected investors, particularly senior citizens who had placed their trust in the Mylapore Hindu Permanent Fund. The ongoing investigation seeks to recover the defrauded funds and hold the responsible parties accountable.