Madras HC orders immediate arrest of financier Dhevanathan Yadav

CHENNAI: The Madras High Court has refused to extend the interim bail granted to Dhevanathan Yadav, director of the Mylapore Hindu Permanent Fund finance company, and ordered his immediate arrest.

Yadav had earlier been jailed in connection with a case involving the alleged cheating of hundreds of investors of several crores of rupees. Justice G Jayachandran had granted him interim bail until October 30, with strict conditions — including depositing Rs 100 crore before the trial court, not tampering with witnesses, and surrendering before the court on the due date. The court later extended his surrender deadline by one week.

Subsequently, Yadav petitioned Justice TV Thamilselvi seeking a modification of the bail conditions. His counsel requested an additional month, claiming Yadav was selling his properties to repay investors but faced delays as police had seized the property documents. He also cited the Deepavali holidays as a reason for not meeting the court’s conditions.

Both the police and the investors’ association opposed the plea. After hearing all arguments, Justice Thamilselvi dismissed Yadav’s request and directed the police to arrest him immediately.