Mylapore Hindu Permanent Fund issue: depositors stage protest on Mada Street, they want state to act

Some three dozen people staged a protest at the gates of The Mylapore Hindu Permanent Fund on South Mada Street, Mylapore today saying that the repeated promises to pay delayed interest and return matured deposits by the Fund management had turned to be hollow and that the state government should act against the Fund and its MD.

The protest, with dozens of police circling the people, was staged mostly senior citizens; it followed  a tense situation inside the office this morning where some depositors vented their anger and frustration.

Said one woman, “My two lakhs are stuck in this place. I just don’t know what to do.”

Added a man in his 70s, “The situation is grim. One depositor who claimed his money of a few lakhs is unpaid has threatened to commit suicide if he doesn’t get his money now.”

Police officials from Mylapore zone intervened inside the office and after listening to a litany of woes, asked the men and women present to sign a complaint and hand it over.

Many present said that they do not expect anything positive to happen. Said one man, “The Fund management is now saying it will repay in late July. It keeps making promises as it has done from January. We have no faith.”

Some depositors claim that the Fund has been dealing with its clients in many different ways. They say it has paid some portion of earned interest due to some people who chose to recently renew their deposits and it has turned cold on those who demanded their money back.

Some other depositors claim that the management is making use of a set of depositors who claim to represent the aggrieved, to communicate via WhatsApp, to discourage depositors from staging protests. “These are moves to frustrate and divide the affected depositors,” said one man.

Said another person, “A member of the management has threatened some people who said they will agitate, warning them that they will be handled differently.”

Many depositors who have been clients for many decades are choosing to remain quiet – some have given up. These include teachers and semi-retired people from San Thome and Mylapore zones. One of them, who has over Rs2 lakhs in the Fund said he would feel ashamed if people in his area got to know of his predicament.

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