Devanathan Yadav, a prominent figure in Indian politics, has been arrested for allegedly defrauding hundreds of depositors of over 50 crore rupees. Yadav, the chief of Indhiya Makkal Kalvi Munnetra Kazhagam and chairman of Mylapore Hindu Sasuvat Niti Ltd, was a BJP ally in the recent parliamentary elections.
The Economic Offences Wing (EOW) of the Tamil Nadu police apprehended Yadav in Trichy on Tuesday and brought him to their Chennai office for questioning. Yadav was arrested after numerous investors protested the financial institution’s failure to return their deposits, which amounted to a staggering 525 crore rupees.
Mylapore Hindu Sasuvat Niti Ltd, a company established in 1872, has five branches in Chennai. The company’s inability to fulfill its financial obligations to depositors has raised concerns about the potential for widespread financial distress.
This arrest highlights a growing problem of financial fraud in India, where individuals and institutions are increasingly vulnerable to scams and fraudulent activities. The case is expected to face intense scrutiny as authorities investigate the extent of Yadav’s alleged involvement and the potential impact on depositors.
Yadav’s previous political affiliations with the BJP add another layer of complexity to the case. The BJP has yet to comment on the arrest, but the incident raises questions about the party’s due diligence processes and their association with individuals accused of financial wrongdoing.
As investigations continue, it remains to be seen how this case will unfold and what repercussions Yadav will face. The arrest serves as a stark reminder of the vulnerability of investors and the need for stronger regulations and oversight to prevent such incidents from occurring in the future.
