Depositors of finance firm participate in protest meeting seeking govt. action in recovering funds

A large number of depositors of the Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL) participated in a protest meeting held outside the Rajarathinam stadium in Egmore on Monday to draw the attention of the State government to take immediate steps to fast track the recovery of the funds misappropriated three years ago.

The depositors, coming under the banner of Mylapore Fund Aggrieved Depositors Association, said that the investigation by the Economic Offence Wing (EOW) of the city police was moving at a snail’s pace. They demanded the intervention of the State government to take speedy action to recover the funds of over 6,000 depositors. 

Speakers at the protest meeting highlighted that more than ₹700 crore was misappropriated under the leadership of T. Devanthan Yadav, chairman and managing director of the 151-year-old MHPFNL, in 2024. Though Devanathan was arrested after several complaints in 2024, the money has not yet been recovered. 

The aggrieved depositors wanted a fast-track trial court to be set up exclusively for bringing the culprits to justice. They also demanded that a thorough forensic audit be conducted to trace the entire money trail, identify the beneficiaries, and recover the funds, along with the attachment of properties from the accused.