Mylapore Hindu Fund case: 2 TV journos arrested in fund fraud linked to NDA leader

CHENNAI: After politician-businessman T Devanathan Yadav was arrested for an alleged finance fraud running into several crores, the Economic Offences Wing also arrested a reporter and cameraman of the TV news channel that Yadav owns.

Both were serving as directors of Mylapore Hindu Permanent Fund Nidhi Limited. Devanathan Yadav is the chairman and managing director of the financial firm that is facing charges of cheating investors.

Yadav, the BJP-led NDA’s candidate for Sivaganga Lok Sabha polls in the recently held general elections. Yadav, who was among the richest candidates in the fray, is also the founder of Diksat Transworld Ltd., the public listed company that owns and operates Win News Channel in Tamil Nadu. He also has business interests in mining, renewable energy, and agriculture.

The Economic Offences Wing registered a case based on a complaint by G Prasad of Adyar, who had invested Rs 46.5 lakh in the form as fixed deposit after the company assured pensioners 8 to 12 per cent interest per annum.

However, the company did not pay the assured interest or the maturity amount to the depositors. The police have so far received 144 petitions about defaulted deposits to the tune of Rs 24.5 crore.

On Tuesday, a special team arrested Devanathan Yadav near Pudukkottai and brought him to Chennai for further investigations. Later, R Gunaseelan (57), D Mahimainadhan (53), both Win TV staff who were also serving as directors in the finance firm, were arrested.