Depositors of MHPFNL want State government to intervene and recover money

Mylapore Fund Aggrieved Depositors Association (MFADA) has requested the State government to intervene to expedite the investigation into fraud of depositors’ money by Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL).

In a press conference on Wednesday, MFADA secretary K. Gnanaskandan, along with other office administrators, sought a comprehensive audit to trace all misappropriated funds amounting to around Rs 700 crore from around 6,000 depositors of T. Devanathan Yadav, Chairman and Managing Director of MHPFNL. The association alleged that Yadav had amassed more than 70 properties by diverting depositors’ money using shell companies.

Members of the association pointed out that more than 11 depositors lost their lives due to the closure of MHPFNL after Mr. Yadav, along with other directors, was arrested by the Economic Office Wing of the State Police on August 13, 2024, on complaints of non-payment of dues to depositors.

The association called for the rapid recovery of assets and properties acquired using depositors’ money and the full repayment of principal and accrued interest.

The association planned to submit a memorandum to the State government seeking quick action on investigating misappropriation of funds from MHPFNL.