The Madras High Court has ordered the temporary seizure of the assets of Devanathan and others involved in a financial fraud case related to the ‘Mayilappur Hindu Permanent Fund’ company in Chennai.Devanathan, along with five others, is accused of defrauding investors to the tune of ₹24.50 crore. The Economic Offenses Wing (EOW) police have filed charges and arrested the accused in connection with the scam involving the investment firm based in Mayilappur.
Following this, the Investors Welfare Association filed a petition in the High Court seeking the freezing of Devanathan, Gunaseelan, Mahimanathan, and the company’s assets. The petition highlighted that an investigation into Devanathan’s assets revealed that he had gained profits from the financial scam. The petition also raised concerns that if the accused were granted bail, they might attempt to sell off the assets.
The case was heard by Justice V. Velmurugan, who directed the police and the government to respond to the petition. The court has adjourned the matter to January 7. In the interim, the judge ordered the temporary freezing of the accused’s assets, including those of the company, to prevent any potential sale.
