Depositors of Mylapore Hindu Permanent Fund Ltd. feel cheated with delayed / part payments, uncertain future

For many weeks now, people have been trooping into the ground floor office of Mylapore Hindu Permanent Fund Nidhi Ltd.  located on South Mada Street, with worries all over their faces. And the staff here are giving them stock answers, wearing them down or sharing small rewards.

These are some of the thousands of depositors who are customers of what was once a celebrated Nidhi ( incorporated in 1872) . Over the past weeks, nobody wants to go near it.

This, for many reasons – interests on deposits have been delayed, part paid or postponed badly, matured investments are paid in parts or delayed, foreclosures are discouraged. ( below is the communication for a cheque of the Fund deposit that was not honoured – reason – funds insufficient. )

“There are some hiccups but we will honour all our customers,” a senior staff of the MHPF told Mylapore Times. “Because some Nidhi shut down and didn’t pay depositors somewhere in the city, some of our depositors got anxious and demanded back their deposits all at once and so there are delays.”

“That excuse has been trotted out since December last,” says one depositor who claims some Rs.20 lakhs of his money is stuck here. “They offer excuses to some, pay partly to some and are rude to some.”

It is the crassness of a Fund officer who claims to be legal adviser that has bruised many depositors, many in their 70s and 80s. Said an Adyar-based depositor, “The man says – do what you want, file an FIR, go to police..let’s see.”

On Thursday morning, there were at least 60 Fund clients all over the office, all asking questions and being pacified.  ( photo above)

Depositors say that deposits must be over Rs.300 crores here and though the Fund furnished the last balance sheet, they fear there’s hanky-panky behind the scenes.

This fear got compounded when news got out that the CMD, T. Dhevanathan Yadav of the Fund is to contest Elections 2024 from Sivaganga. ( the other director is P. A. Devasenathipathy)

Most depositors are restraining themselves from going to the Economic Offences Wing of TN Police, fearing this could lead to a closedown of the Fund and immense loss.

Many, being people in their 70s and 80s and residents in fringe areas and the suburbs now, cannot trudge it to Mylapore now and then.

Recently, depositors say, the Fund staff asked people to open a SB kind of account into which interests can be shared. But many suspect the motives behind this move by the Fund.

Every day, depositors have been visiting the office, sitting for hours, seeking relief. Most go home empty-handed.

Mylapore Times emailed a list of questions to the Nidhi on Friday, 9.30 am but has not received a reply this far.


THE MAN WHO HEADS THIS NIDHI

T. Devanathan Yadav is contesting Elections 2024 as the BJP’s candidate in Sivaganga in Tamil Nadu.

A businessman, his bio-data lists him as having many companies. Along with his wife Meenakshi Yadav and two daughters, the family has assets to about Rs.300 crore, as stated in his affidavit. Yadav also states he has a Ph.D in behavioural science which he obtained in USA. He has two criminal cases pending against him, the affidavit says.

The affidavit also states that Yadav has liabilities amounting to Rs.91.48 crores and the family also has immovable assets in many cities in Tamil Nadu.

Among his many businesses is WIN TV channel that operates from a building adjacent to the Fund office block in Mylapore.

11 Comments on “Depositors of Mylapore Hindu Permanent Fund Ltd. feel cheated with delayed / part payments, uncertain future”

  1. How come deposit of 550 crores of 5000 odd deposit holders money disappear in a short span of time. Certainly a foul play has happened. We have to identify from the internal and external auditors of the MHPF.. No money should root to anyone in between. First identify the root cause and next to rectify. It is like genocide of 5000 deposities. The money kept in FD for interest for monthly expenditure of house rent, EMI for housing loan, medical expenditure and daily food expenditure. This money is survival of 5000 senior citizens.

  2. Has any one contacted the Secretary or other key person in the Fund and got the reason for the present status of delayed payment of interest and refund of the matured and foreclosed deposits?
    I am living in Bengaluru and unable to contact any one in the Fund over phone as no one takes the call.
    My letter through e.mail and sent through Regd.post did not evoke any response from them.

  3. This is actually a good idea, where most of us will get benefited. Can we initiate a WhatsApp group? Even we are facing the same issue and we are moving out of Chennai. Because of this uncertain situation we are held here.

  4. My late dad made a huge investment with this fund trusting its past history. Our interest amounts are also due for the past couple of months. With elections around and one of the directors contesting for BJP there is bound to be pressure on the fund from external sources. Its better if the depositors don’t panic and start pre-closures of their deposits. Praying post elections the operations will stabilize.

  5. I am also facing the same issue. My interests are not paid since December 2023 till now. But i think we have to wait till May. Do anyone know whether any group’s of depositors had been formed in WhatsApp or Telegram if so the information can be circulated in “Mylapore Times” which will be of useful to other.

  6. Yes. Even I am also facing the same issue. My interests are delayed since December 2023 till now. But we have to wait till June first week. By that time Dr Devanathan Yadav will fund the deficit and hopefully the Nidhi will come back to it’s routine function . The management is committed and the deficit is only 15 Crores , they say.

  7. The depositors of Mylapore Hindu Permanent Fund should not get panicked to withdraw the deposits . Any financial institution or bank be it private or public can not meet the demand if entire depositors create a run in them. They should wait for maturity of their deposits in due course without flocking together.

  8. The Mylapore Fund staff are most irresponsible ,phones never lift office phones are dead,keep giving false promises
    Depositors are made to runaround unnessarily. At this Juncture some local Members should collect the phone No of
    Depositors and Jointly initiate action on them. The chairman of the Fund should come with some sort of Firm committment.

  9. My reply earlier in the day has not been posted. Why? I can be more brutally fank. At one point of time there were 3 supposed financial companies on the road I live. In fact, a relative of one of the defunct companies is a neighbor who whizzes past iin a Mercedes car. Are you playing ringa ringa roses in the comments section?

  10. “There’s a sucker born every minute” is a remark attributed to P T Barnum an American show man. Greed for higher interest rates witnessed so-called financial companies folding up leaving thousands in the lurch two or three decades ago. Unfortunately nothing much will come out of it except protracted legal tangle and great personal distress. Let us hope for the best.

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