T. Devanathan Yadav, director of Mylapore Hindu Permanent Fund, who was accused of defrauding hundreds of investors of several crores of rupees, surrendered on Friday (November 14, 2025) before the special court for cases under the Tamil Nadu Protection of Interests of Depositors (In Financial Establishments) Act, 1997. Yadav had failed to comply with the bail condition imposed by the Madras High Court to deposit ₹100 crore.

The Economic Offences Wing (EOW) had booked him under the TNPID Act following multiple complaints lodged by depositors who claimed to have been duped of over ₹600 crore that they had deposited in the finance firm. Yadav was arrested by the EOW in August last year.

On September 15, 2025, the Madras High Court granted him interim bail on the condition that he should mobilise ₹100 crore on his own and deposit the fund with the TNPID court on or before October 30.

However, on October 30, he submitted that he could not mobilise the funds, as all his property documents were in the custody of the police. The interim bail was then extended till November 7. Subsequently, the High Court asked him to surrender before the trial court on completion of his interim bail period last Sunday or end up being secured by the police.

The court for cases under the TNPID Act had issued a non-bailable warrant against him.

A senior police officer had said, “Taking into account the sensitive nature of the case, we have formed a special team under an Additional Deputy Superintendent of Police, and have launched a search to nab him.”

On Friday, Yadav, accompanied by his lawyers, surrendered before the special court on the High Court campus. The judge ordered him to be remanded.