Aggrieved depositors of MHPFNL plan to go on mass protest in Egmore on September 21
Aggrieved depositors of the Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL) are organizing a protest in Egmore to demand government intervention in a ₹700 crore financial fraud case. The depositors are calling for the establishment of a fast-track court and a forensic audit to expedite the recovery of their lost funds.
Why it matters
This case highlights the vulnerability of senior citizens and disabled individuals to financial fraud and underscores the growing public demand for judicial efficiency in high-stakes economic crimes.
The hundreds of aggrieved depositors of the Mylapore Hindu Permanent Fund Nidhi Limited have planned to go on a peaceful protest near the Rajarathinam stadium in Egmore on Monday (September 21, 2026) to seek the intervention of the State government to take speedy action to recover the funds and distribute it to the depositors.
More than 6,000 depositors comprising senior citizens and persons with disabilities lost their funds due to a financial fraud which happened under the management of T. Devanthan Yadav, chairman and Managing Director of the 151-year-old MHPFNL, in 2024.
Mohan Srinivasan, president of the Mylapore Fund Aggrieved Depositors Association, said that though the Economic Offences Wing of the City Police had arrested Yadav on August 13, 2024, the ₹700 crore financial fraud case has been progressing slowly with the recovery of the depositors’ money getting delayed for more than three years.
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