Madras HC orders to attach properties of Devanathan in cheating case
140 depositors were deceived by city firm on promise of high returns
Madras High Court
CHENNAI: The Madras High Court issued an interim order to attach the properties of T Devanathan, managing director of Mylapore Hindu Permanent Nidhi Limited, Chennai, in the alleged charge of cheating 140 depositors on the promise of high returns.
Justice P Velmurugan heard the petition moved by M Sathish Kumar, president of Mylapore Hindu Permanent Fund Investors and Depositors Welfare Association seeking to attach Devanathan's property followed by his arrest in a cheating case.
The petitioner claimed that as the president of an association which intends to protect the investors, the petition was filed.
It was submitted that his representation to the State to attach the properties of Devanathan and other accused for the interest of the investors was not considered. If the accused persons are granted bail, there may be a chance to secure their property from the radar and seek to attach the properties.
After the submission, the judge passed an order to interimly attach the properties and directed the economic offences wing to file a counter and posted the matter to January 7, for further submission.
On August 14, Devanathan was arrested by the economic offences wing after receiving complaints from several investors alleging that as the managing director of Mylapore Hindu Permanent Nidhi Limited, he cheated 140 investors to the tune of Rs 24.50 crore by failing to pay the maturity amount and promised high returns.
The two other directors R Gunaseelan and D Mahimainathan were also arrested in the cheating case.
They were booked under sections 409, 420 of IPC, Banning of Unregulated Deposit Schemes Act and The Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act.
It may be noted that Devanathan is the founder of Indhiya Makkal Kalvi Munnetra Kazhagam and contested as a candidate in the 2024 Parliamentary election from the Sivanganga constituency for the BJP-led National Democratic Alliance.
