Devanathan Yadav
@DevanathayadavT
Chennai: T Devanathan Yadav, who unsuccessfully contested on a BJP ticket from Sivaganga Lok Sabha constituency, was arrested on a charge of cheating depositors of a non-banking financial institution here, police said on Tuesday.
He was arrested by a team of officials from the Economic Offences wing in Tiruchirappalli and later brought to Chennai for questioning.
The arrest followed protests and also complaints from several aggrieved investors who claimed that a financial institution that Yadav headed -- Mylapore Hindu Saswat Nidhi Limited -- cheated them with the promise of an attractive higher rate of interest on their deposits.
Devanathan Yadav, who runs a political outfit Indhiya Makkal Kalvi Munnetra Kazhagam, allied with the BJP in the 2024 Lok Sabha poll and was fielded from Sivaganga constituency.
Reacting to the arrest, Tamil Nadu BJP chief K Annamalai said his party was committed to ensuring justice for the investors of the Mylapore Hindu Saswat Nidhi Limited.
"The Tamil Nadu government should conduct a thorough investigation and confirm this to all investors," he said in a post on social media platform X.
"At the same time, if this is one of the attempts to threaten the NDA parties for pointing out the law and order and administrative failure of the DMK government, then I strongly condemn it," Annamalai added.