CHENNAI: The Madras High Court on Tuesday directed the police to file a counter within two weeks on a fresh bail plea filed by Devanathan Yadav, one of the directors of the Mylapore Hindu Permanent Fund Nidhi Limited (MHPFNL), in the investor fraud case.
Devanathan Yadav was among those accused of defrauding hundreds of investors of several crores of rupees through the Mylapore Hindu Permanent Fund finance company in Chennai. He was arrested in 2024 and remanded in judicial custody. Subsequently, he and other accused persons filed bail petitions before the Madras High Court.
Justice G Jayachandran, who heard the petitions, had earlier granted interim bail on the condition that the accused deposit Rs 100 crore as surety before the trial court.
However, investors later informed the Madras High Court and the trial court that Devanathan Yadav had failed to comply with any of the bail conditions imposed by the High Court. It was submitted that he had neither deposited the Rs 100 crore within the stipulated time nor surrendered before the court as directed.
In view of the non-compliance, the Madras High Court cancelled the interim bail and directed the police to arrest him. Thereafter, Devanathan Yadav once again filed a bail petition before the Madras High Court. The matter came up for hearing before Justice K Rajasekar, who directed the police to file a counter-affidavit within two weeks.