Bail Petition Dismissed in ₹600 Crore Mylapore Finance Company Fraud Case

Bail Petition Dismissed in ₹600 Crore Mylapore Finance Company Fraud Case

In the ₹600 crore Mylapore Finance Company fraud case, Sudhir Shankar, another accused and an associate of the main accused Devanathan Yadav, filed a bail petition before the High Court. He said that he had been in jail for a long time and that he had done nothing wrong except serving as a Director of the finance company. He requested the Court to grant him bail.

The arguments were completed on 25.06.2026, and the Court reserved the case for orders. The order was delivered today.

Advocate R. Thirumoorthy, appearing for the affected depositors, strongly opposed the bail. He argued that the accused had cheated many poor and middle-class people by taking away their lifetime savings and had caused the collapse of a finance company that had been operating for more than 100 years. He also pointed out that the accused had not complied with the Court’s earlier direction to deposit ₹100 crore.

After hearing both sides, Justice Kumarappan dismissed the bail petition.