BJP Politician Arrested for Cheating Investors

T Devanathan Yadav, a BJP candidate from Sivaganga Lok Sabha constituency, was arrested for allegedly cheating depositors of a non-banking financial institution. The arrest, made by the Economic Offences Wing, followed complaints from investors. Tamil Nadu BJP chief K Annamalai called for a thorough investigation while condemning potential political motives.

T Devanathan Yadav, a BJP candidate from the Sivaganga Lok Sabha constituency, was taken into custody on charges of cheating depositors at a non-banking financial institution, according to police reports on Tuesday.

The Economic Offences Wing team arrested Yadav in Tiruchirappalli and brought him to Chennai for questioning.

This action came in response to protests and complaints from investors who alleged that Mylapore Hindu Saswat Nidhi Limited, a financial institution headed by Yadav, deceived them with promises of higher interest rates on deposits.

Yadav, who leads the Indhiya Makkal Kalvi Munnetra Kazhagam, allied with the BJP for the 2024 Lok Sabha election and contested from Sivaganga constituency.

Reacting to the incident, Tamil Nadu BJP chief K Annamalai vowed to ensure justice for the affected investors, urging the state government to conduct a thorough probe. "If this arrest is an attempt to intimidate NDA parties criticizing the DMK government's failures, I strongly condemn it," Annamalai said on social media platform X.

(With inputs from agencies.)