Devanathan Yadav arrested

Devanathan Yadav, chairman of 160-year-old  Mylapore Hindu Permanent Fund Nidhi and leader of Indhiya Makkal Kalvi Munnetra Kazhagam, has been arrested by the Economic Offences Wing of the Tamil Nadu police on the charge of cheating depositors of the Mylapore Hindu Permanent Fund Nidhi Limited, which allegedly failed to return at least Rs 550 crores deposit investments after the maturity period and never give interest as promised. Scores of depositors waited patiently for their money after the maturity period even willing to forego the interest. They lodged police complaints at Economic Offences Wing leading to his arrest, police said