The hundreds of aggrieved depositors of the Mylapore Hindu Permanent Fund Nidhi Limited have planned to go on a peaceful protest near the Rajarathinam stadium in Egmore on Monday (September 21, 2026) to seek the intervention of the State government to take speedy action to recover the funds and distribute it to the depositors.
More than 6,000 depositors comprising senior citizens and persons with disabilities lost their funds due to a financial fraud which happened under the management of T. Devanthan Yadav, chairman and Managing Director of the 151-year-old MHPFNL, in 2024.
Mohan Srinivasan, president of the Mylapore Fund Aggrieved Depositors Association, said that though the Economic Offences Wing of the City Police had arrested Yadav on August 13, 2024, the ₹700 crore financial fraud case has been progressing slowly with the recovery of the depositors’ money getting delayed for more than three years.
Mr. Srinivasan said the association wanted the intervention of the State government by forming a fast-track special court for conducting the trial expeditiously on a day-to-day basis to bring the culprits to justice.
The association also wants a forensic audit to be conducted to trace the entire money trail for identifying the beneficiaries and recovering the funds, along with the attachment of properties. The State government has to take steps to recover and hand over the money to the aggrieved depositors at the earliest.
Published – September 20, 2026 04:39 pm IST
