Depositors of MHPFNL need State authorities to intervene and get better cash

The Mylapore Fund Aggrieved Depositors Association (MFADA) has requested the intervention of the State authorities to expedite the investigation into defrauding the depositors’ cash by the Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL). 

K. Gnanaskandan, secretary of the MFADA, at a press meet on Wednesday, together with different workplace bearers needed a complete audit to hint all of the misappropriated funds to the tune of practically ₹700 crore from practically 6,000 depositors by T. Devanathan Yadav, who was Chairman and Managing Director of MHPFNL. The affiliation alleged that Yadav had amassed greater than 70 properties by funnelling the depositors cash utilizing shell corporations. 

The affiliation members identified that greater than 11 depositors have misplaced their lives as a result of closure of the MHPFNL after Mr. Yadav, together with different administrators, was arrested on August 13, 2024, by the Economic Office Wing of the State Police following complaints of depositors not being paid their dues.

The affiliation known as for speedy restoration of belongings and properties acquired utilizing the depositors’ cash and full reimbursement of the principal together with collected curiosity. 

The affiliation has deliberate to provide a memorandum to the State authorities for fast motion on investigating the misappropriation of funds from MHPFNL.