Bengaluru: Kerala Couple Missing After Alleged Rs 100 Crore Chit Fund Scam
Many investors, mostly from the Malayali community, gave money to the couple because they trusted them. One retired man said he lost 70 lakh rupees, which was his and his wife's savings plus money borrowed from others. By Sunday, the police received complaints from 265 people. The total amount of money lost may be around 100 crore rupees.
The police have started investigating and are trying to find the couple.
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Hans India
3 hours ago
- Hans India
Bengaluru: Kerala Couple Missing After Alleged Rs 100 Crore Chit Fund Scam
A couple from Kerala, named A V Tomy and Shiny Tomy, are accused of cheating many people in Bengaluru. They ran a chit fund company called A&A Chit Fund and Finance in Ramamurthy Nagar. The couple has been missing since last Wednesday. They are believed to have sold their house and car and then disappeared. Their phones are switched off. Many investors, mostly from the Malayali community, gave money to the couple because they trusted them. One retired man said he lost 70 lakh rupees, which was his and his wife's savings plus money borrowed from others. By Sunday, the police received complaints from 265 people. The total amount of money lost may be around 100 crore rupees. The police have started investigating and are trying to find the couple.
News18
4 hours ago
- News18
Malayali Couple Missing After Rs 100 Crore Chit Fund Scam In Bengaluru, 265 Complaints Filed
The couple residing in Bengaluru has been untraceable since July 3. With 1,300 clients on record, most of them Malayalis, the scale of the chit fund fraud may rise further A Malayali couple has gone missing after allegedly orchestrating a massive chit fund scam worth nearly Rs 100 crore in Bengaluru. The duo, who had been operating under the guise of running a legitimate finance scheme, reportedly disappeared on July 3, triggering a police investigation. Tommy AV and Shiny Tommy, residents of Ramankary village in Alappuzha, absconded with the money of over a thousand people, predominantly Malayalis. The complaint indicates that the couple, proprietors of A&A Chit Funds in Ramamurthy Nagar, Bengaluru, orchestrated the massive fraud. They operated chit funds for two decades, primarily accepting investments from religious institutions and Malayali associations. So far, 265 individuals have lodged complaints against the chit fund company. The Ramamurthy Nagar police, who have registered a case, are investigating the possibility that the accused might have fled abroad. The couple has been untraceable since July 3, with their phones switched off. They went missing after selling their residential flat without informing the company's employees. With records showing around 1,300 clients, the extent of the fraud is expected to rise further. Hundreds of people who have lost their investments have been visiting the Ramamurthy Nagar police station to file complaints, most of whom are Malayalis from various parts of Bengaluru. Tommy and Shiny recruited investors through places of worship and residential associations. The company, operational since 2005, lured investors by offering higher interest rates than banks. Until July 3, no suspicions were raised as the couple had been consistently paying the promised interest. Their sudden disappearance, coupled with the sale of their flat, has left many investors in turmoil. First Published: July 07, 2025, 10:40 IST
The Hindu
15 hours ago
- The Hindu
FIR against couple for cheating chit fund investors
The Ramamurthy Nagar police on Saturday booked a couple, who were running a chit fund, for allegedly cheating hundreds of their customers. The accused have been identified as Tomy A.V. and Shiny Tomy, owner of the A&A Chit Fund and Finance. The police registered the FIR on July 5, following a complaint by one of the victims, Savio P.T. Savio, 64, who alleged that he and his family lost around ₹70 lakh. 'When I checked on Saturday, the chit fund office was closed, and the couple stopped responding to my calls, and their mobile phones were switched off,' Mr. Savio said in his complaint. The couple had been operating chit fund since 2005, and hundreds of customers invested crores of rupees on the promise that they would get 25% returns against their investment after a certain period of time. The case was registered under various provisions of the Chit Funds Act, 1982; the Banning of Unregulated Deposit Schemes Ordinance, 2019; and the section 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS). A police officer said the couple appeared to be absconding, and efforts were on to track them down.
