Mylapore chit fund case: Devanathan Yadav must surrender or get arrested, says Madras HC judge

Justice G. Jayachandran of the Madras High Court on Monday (November 10, 2025) said, T. Devanathan Yadav of Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL) must surrender before the trial court on completion of his interim bail period on Sunday (November 9, 2025) or end up being secured by the police.

The judge made the observation when a mention was made before him regarding the non-listing of the main bail petition filed by the accused, though his interim bail expired on Sunday. He said, if the interim bail period had expired, the petitioner must either surrender on his own or the police must secure him.

The Economic Offences Wing in Chennai had booked him under the Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Act pursuant to multiple complaints lodged by several depositors who claimed to have been duped to the tune of over ₹600 crore, which they had deposited in the finance firm.

Justice Jayachandran had on September 15 granted interim bail to the accused on condition that he should mobilise ₹100 crore on his own and deposit it before the special court for TANPID Act cases in Chennai on or before October 30. The petitioner was also directed to surrender before the trial court on October 31.

However, just days before the completion of his interim bail period, the petitioner filed a modification petition before the High Court stating that he could not raise the money as directed by the court since most of the property documents were in the custody of the Economic Offences Wing.

Justice K. Rajasekar, on October 31, directed the High Court Registry to list the main bail petition as well as the modification petition before Justice Jayachandran who had granted the interim bail at the first instance and extended time period for surrendering before the trial court till November 9.

Since the petitions were not listed before Justice Jayachandran till now, a mention was made before the judge by advocate R. Thirumoorthy, representing the depositors and others regarding the issue, and the judge said, he could take up the matter only as and when it gets listed before him.

When it was brought to his notice that the interim bail period had expired on Sunday, the judge said, then, the petitioner must necessarily surrender or the police, represented by Additional Public Prosecutor E. Raj Thilak, must secure him for the purpose of being incarcerated back in prison.