Chennai: The economic offences wing of Tamil Nadu police arrested T Dhevanathan Yadav, a BJP functionary, for allegedly cheating over 140 people out of Rs 50 crore. He promised them attractive interests ranging from 10% to 11% for their investments. Dhevanathan was arrested from a hideout in Trichy and brought to Chennai for questioning, the police said.
What is the scam all about?
He is the chairman of The Mylapore Hindu Sasuvat Niti Ltd, a financial institution established in 1872 with five branches in Chennai. In June, investors protested against the institution for refusing to return Rs 525 crore they had invested. It may be recalled that Dhevanathan contested the last parliamentary election from Sivaganga constituency on a BJP ticket.
