Economic Offences Wing (EOW) officials have disclosed that Devanathan, who is under arrest in a financial fraud case, and his associates acquired ₹174 crore worth of shares and ₹280 crore worth of immovable properties through fraudulent means.The EOW issued a statement regarding the case:
A complaint was registered against the directors of the Mylapore-based financial institution, Hindu Permanent Fund, for alleged financial fraud. The accused include Devanathan (64), Gunaseelan (57), Mahimainathan (53), Devaseenadhipathi (63), Kathir Shankar (46), and Salomon Mohan Das.
While five of them, excluding Salomon Mohan Das, have been arrested and are in judicial custody, investigations revealed that the accused defrauded investors of ₹586 crore.
A total of 5,160 victims have lodged complaints regarding the fraud. During raids at 11 locations, the EOW seized ₹7.53 lakh in cash, ₹16.17 lakh in bank deposits, 22 sovereigns of gold, 80 grams of silver, and six cars.
Further investigations uncovered that the accused purchased immovable properties worth ₹280 crore and shares worth ₹174 crore using the fraudulent funds.
On November 11 last year, the EOW filed the primary chargesheet in the Tamil Nadu Protection of Interests of Depositors (TNPID) Special Court in connection with the case.
Authorities are in the process of freezing the assets of the arrested individuals. Steps are being taken to compensate the victims promptly from the seized assets.
The investigation continues to ensure justice for the defrauded investors.