TNCC lodges complaint against finance firm managed by BJP Sivaganga candidate

April 10, 2024 11:15 pm | Updated April 11, 2024 07:27 am IST - CHENNAI

The Tamil Nadu Congress Committee (TNCC) has filed a complaint with the Chennai Police Commissioner on misappropriation of over ₹525 crore by the management of the Hindu Saswatha Nidhi Limited, Mylapore, which is currently managed by T. Devanathan, the BJP candidate for Sivaganga constituency in the upcoming Lok Sabha election.

In the complaint, D. Selvam, general secretary, TNCC, said the financial institution, which was established in 1872, now has over 5,000 depositors, most of whom are pensioners, housewives, and senior citizens. For the past six months, the majority of the depositors have not been paid the promised monthly interest on deposits, and in several cases, the matured deposits have not been returned to the depositors. Several cheques given to depositors have also bounced, the complaint alleged.

The complainant said Mr. Devanathan and his associates threatened the affected depositors against lodging police complaints. This amounted to fraud, criminal breach of trust, cheating, and criminal misappropriation of depositors money. He requested the Police Commissioner to direct the Economic Offences Wing to register a case and take up investigation to recover the amount, and freeze the assets of Mr. Devanathan and his associates.