6 months ago
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The Madras High Court connected Thursday (November 13, 2025) refused to modify immoderate of the conditions it had imposed portion granting interim bail to T. Devanathan Yadav of Mylapore Hindu Permanent Benefit Fund successful a lawsuit registered against him for having cheated implicit 5,000 depositors to the tune of astir ₹600 crore.
Justice T.V. Thamilselvi dismissed the modification petition aft taking enactment that a peculiar tribunal for cases registered nether the Tamil Nadu Protection of Interest of Depositors (in Financial Establishments) Act of 1997 had already issued a non-bailable apprehension warrant against the accused connected Wednesday (November 12).
Additional Public Prosecutor E. Raj Thilak and advocator R. Thirumoorthy, representing an relation of depositors who had been duped by the concern firm, brought to the announcement of Justice Tamilselvi that Justice G. Jayachandran had granted the interim bail connected September 15.
While granting the relief, the justice had directed the accused to deposit ₹100 crore, connected his own, earlier the peculiar tribunal connected oregon earlier October 30 and to surrender earlier the proceedings tribunal connected October 31 truthful that his plea for regular bail could beryllium considered aft helium complies with the conditions.
However, the accused did not comply with those conditions and instead, filed a modification petition earlier the High Court connected October 28. His counsel told the tribunal that his lawsuit could not mobilise the wealth during the interim bail play arsenic the spot documents were successful the custody of the police.
Passing further orders successful the substance connected October 31, Justice K. Rajasekar extended the interim bail play till November 9 and referred the main bail petition arsenic good arsenic the modification petition to beryllium listed earlier Justice Jayachandran who had granted the interim bail.
However, since Justice Jayachandran was presiding implicit a Division Bench astatine present, the petitions were listed earlier Justice Tamilselvi who stoutly refused to amusement immoderate benignant of indulgence to the accused, though his counsel said that helium would deposit ₹5 crore wrong a week if the interim bail was extended.
The justice said that capable clip had already been granted to the accused for proving his bona fide but helium had failed to utilise the opportunity. She said, that the accused would person to beryllium necessarily arrested by the Economic Offences Wing (EOW) by executing the warrant issued by the proceedings court.
Following a memo filed connected behalf of the depositors association, which pointed retired that the accused had not surrendered contempt his interim bail having expired connected November 9, the peculiar tribunal had directed the constabulary to apprehension and nutrient him earlier the tribunal truthful that helium could beryllium sent backmost to judicial custody.
The peculiar tribunal had besides made it wide that if the accused absconds oregon evades from being arrested, the EOW should registry a abstracted First Information Report against him for specified an offence.
Justice Thamilselvi connected Thursday besides dismissed a bail petition filed by co-accused R. Sudhir Shankar.
