Today, he says, he is left with little but regret. It was the entire proceeds from the sale of his property. It was money he had hoped would give him some financial security in his old age.
Because it offered an additional 2 per cent interest compared to banks, he chose the over 150-year-old institution. For Shanmugasundaram, well above 80, the Rs 68 lakh he deposited with the Mylapore Hindu Permanent Fund Nidhi was not just money in a bank account.
“I couldn’t save my sister-in-law who fought cancer. Hundreds of depositors, many of them senior citizens, took to the streets in Chennai recently demanding government intervention, speedy investigation and help in recovering their money. the depositors are now seeking a special fast-track court, a forensic audit of the fund’s accounts and a serious investigation into the alleged financial irregularities While the Economic Offences Wing is investigating. “I wanted to lead an independent, dignified life in my old age. I didn’t even leave this with my son. But this is daylight robbery. For them too, what was meant to provide security in their final years became a source of distress. For Jayashree, a heart patient, the crisis also became a medical struggle. “All gone! Life has become so difficult; we have no jobs.
They are also demanding attachment and liquidation of properties and assets, wherever legally permissible, so that the proceeds can be used to repay depositors. Because she wanted to remain financially independent, devika, who lost Rs 48 lakh, said she had deliberately kept the money away even from her son. Shanmugasundaram was among thousands of depositors who said they lost their lifetime savings in what they alleged is a Rs 700-crore financial fraud involving the Mylapore Hindu Permanent Fund Ltd. An 87-year-old depositor, who could barely walk as he joined the protest, said he and his wife had deposited Rs 5 lakh each after being offered higher interest for ‘super senior’ citizens. Her family lost Rs 10 lakh, and the monthly interest of around Rs 9,000 that they had depended on has stopped.
I couldn’t spend anything,” he said, speaking of the money that he could have used when his family needed it most. The government should investigate and do the needful for us to get back the money,” she said. I need money now for my medicine,” she said.
For many, the deposits represented retirement savings, medical expenses and the financial independence they had carefully built over decades. At least 6,000 people are affected and more than 40 depositors have died while waiting for their money to be returned, according to the depositors’ association.
