Latest news with #Tomy
India Today
11-07-2025
- Business
- India Today
Karnataka man arrested for duping 800 people of Rs 50 crore in investment scam
Karnataka police have arrested a 58-year-old man for allegedly cheating more than 800 people through fraudulent investment schemes in to police, Ramachandra Akul, ran his operations under the name 'Venus Enterprises,' based in the Arcade Building at Akkamahadevi lured investors by promising high returns of 15–20 per cent on various online investment schemes. Police said he collected over Rs 50 crore from unsuspecting investors before the scam came to light. Investigations are underway to trace the money and identify potential a similar case in Bengaluru, a couple originally from Kerala, identified as Tomy and Shiny, have gone missing after allegedly defrauding hundreds of investors in a multi-crore chit fund scam. The duo, who operated A&A Chits and Finance in Ramamurthy Nagar for over 25 years, reportedly promised investors 15–20 per cent returns and gained their trust by delivering payments on time for payments allegedly stopped in recent months, and the couple vanished, leaving hundreds of investors in shock. Police in Bengaluru have registered a case, begun a manhunt, and are examining the firm's financial records as part of the investigation. Over 350 victims have already recorded statements, and authorities believe more may come another case, a woman named Savita was arrested by Basaveshwaranagar police in Bengaluru for allegedly defrauding over 20 women of more than Rs 30 crore. Police said she befriended wealthy women at kitty parties, claiming political connections and offering high-return investments and discounted gold from the US.- EndsTrending Reel IN THIS STORY#Karnataka
Time of India
10-07-2025
- Time of India
Village of nurse on Yemen death row prays for miracle
Nimisha Priya KOCHI: Vinitha Radhakrishnan's long vigil for her childhood friend Nimisha Priya teeters on the edge of desperation at the thought of what July 16 might bring. That's the date set by Yemen to execute the 37-year-old expat nurse from Kerala, convicted in 2018 of murdering her Yemeni business partner and kept on death row at the central prison in Sana'a since. It's a reality Vinitha and everyone else in Poonkayam village of Palakkad district still haven't reconciled to. "We can never imagine Nimisha killing someone," Vinitha said as the clock ticked on the fate of the "honest, well-mannered girl" who once walked the corridors of Dhathri Girls' High School in Kollengode with her. Poonkayam hasn't given up hope, though. Vinitha believes "a last-minute reprieve through govt intervention" could still happen. Nimisha's husband Tomy, a daily-wage worker and occasional autorickshaw driver at Thodupuzha in Idukki, prays for a breakthrough in the campaign to reunite his wife with their 12-year-old daughter, Michele, and her mother, Prema Kumari. "I can't bear the thought of my daughter losing her mother. All these years, I knocked on every door possible to save Nimisha, but nothing has worked so far. My earnest plea to the Indian govt is to step in immediately," Tomy said. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This Could Be the Best Time to Trade Gold in 5 Years IC Markets Learn More Undo Michele lives in a school hostel in Kothamangalam. During Nimisha's weekly permitted phone calls or chats from prison, Tomy updates her on the initiatives to secure her release. He last spoke to his wife a week ago. Nimisha's mother is currently in Yemen for negotiations with tribal leaders and the victim's family to secure her release, hoping that the community's high regard for women would make them accept offers of "blood money". Nimisha was convicted of killing Talal Abdo Mahdi, with whom she had started a private clinic in Sana'a, in retaliation for allegedly torturing her and seizing her passport. A trial court pronounced the death sentence, that an appeals court upheld. Nimisha had travelled to Yemen along with Tomy in 2012, just a year after their marriage. After Michele was born, father and daughter returned home in 2014 due to the civil war in Yemen, while Nimisha stayed back to run their clinic in Sana'a. As the execution date draws near, the Save Nimisha Priya International Action Council has stepped up efforts to start negotiation talks with Talal's kin. Activist Samuel Jerome is expected to reach Sana'a Thursday in a last-ditch attempt to seek pardon.
SBS Australia
09-07-2025
- Business
- SBS Australia
'Impacting livelihoods': The side to General Pants and SurfStitch Australian shoppers don't see
There will be more to come on this story in Dateline's two-part documentary investigation, The Cost of Doing Business, coming soon to SBS and SBS On Demand . In 2022, his factory, Jinjian Shengyi Fashion Weaving, struck up a new partnership with SurfStitch, an online retailer selling beach, outdoor and action sports apparel. At the time, SurfStitch was owned by Alquemie Group, a self-described "retail and consumer brands investment and growth platform" . "I've always respected and loved working with Australian people and brands," Tomy told SBS Dateline. But since becoming a supplier for SurfStitch and Alquemie Group, Tomy says his business has been crippled by delayed and unpaid invoices, causing him to lose more than $100,000. Tomy, who once employed 120 workers, says he has now been forced to reduce his workforce to less than 30 people. He said working with Alquemie Group has been "disappointing and painful". Payment delays According to Tomy, Alquemie Group started to delay payments for goods he produced for SurfStitch in August last year. He says one payment was overdue for a year — far longer than the agreed payment terms of 120 days after shipment. After alerting the company, Tomy says Alquemie initially agreed to repay him the money owed — $109,109.34 — on a payment plan, but he says no installations ever came through, despite repeated requests. After months of back and forth, Tomy says it then refused to pay the outstanding amount, claiming there was "no validation process done on delivery" for its products. Tomy denies there were any issues with the order but says he offered to settle for 95 per cent of the total amount owed to him as a compromise, in order to receive payment. This figure was rejected, and Tomy was offered $57,700 by Alquemie Group — nearly half the original total value of the goods he had produced for the company. Tomy says he rejected this offer, telling Alquemie via email his business was "not a charity" and needed to cover its workers' wages and bank loans. Overseas garment manufacturers take on huge upfront costs to kickstart the production process when selling to international retailers. They must buy all the raw materials required to make the retailer's order, carrying this debt until the buyer pays for the goods. If payments are delayed, or not received, it can impact their business's cash flow and ability to continue operating. After months of scattered communication with the owners of SurfStitch, Tomy says he never saw any of the money owed to him. More Alquemie suppliers speak out SurfStitch was bought by Alceon in 2018 and then later managed by Alquemie Group. The group currently owns other popular brands, including General Pants Co. and Lego Certified Stores in Australia and New Zealand. Dateline has spoken to two other Alquemie Group suppliers who have also complained of payment delays and mounting unpaid invoices. One supplies General Pants Co., the youth apparel retailer with 50 stores across Australia and New Zealand. They asked not to be identified but described similar payment delays and difficulty chasing invoices. They told Dateline this practice of delayed payments "is impacting livelihoods". A former supplier for SurfStitch, who also asked not to be identified, said : "They were bouncing me from person to person in their business. Just red-taping me." Documents filed with corporate watchdog ASIC further reveal General Pants Co. was the subject of a winding up order application by freight company Mainfreight Air & Ocean in July 2024 and that it was also the subject of three court actions for outstanding rent and costs in November. A winding up action is a tool available to creditors who believe they are owed unpaid debts. A creditor or other party can apply to the court to have a company wound up, which then requires the company to take action — to pay the debt, negotiate a compromise, or apply to the court to have the action set aside. Earlier this year, the global retail giant Nike Australia also took action against SurfStitch for unpaid debts. On 20 May, Nike Australia, which produced apparel for SurfStitch, applied for the winding up of the company alleging that it owes $237,760.38, according to documents filed in the Victorian Supreme Court. SurfStitch was also the subject of court action by the outdoor apparel company, Burton, and the beach accessories company, SunnyLife, for outstanding debts. Mosaic Brands — a pattern of payment delays? Alquemie Group is headed by Scott Evans and Richard Facioni. Evans and Facioni were previously directors of Mosaic Brands, an Australian fashion giant and separate entity, that entered administration last year, owing between $361 million and $392 million to creditors in Australia and overseas. In June, administrators for Mosaic Brands issued a preliminary finding that the company may have been operating while insolvent for four years before the company's collapse, recommending further investigations. Insolvency is when a company can no longer pay its debts, and it is illegal to trade under these circumstances, according to the Corporations Act. The directors of Mosaic Brands are yet to comment, but in an earlier statement, they said they complied with their obligations at all times. Suppliers for Mosaic Brands revealed to Dateline they also faced extensive payment delays and unpaid or missing invoices before the company's collapse. Annabell Michic, who manufactured goods for Mo s aic Brands through her company Faith Fashion, told Dateline: "I would always not understand why these invoices were missing or unmatched." "They couldn't find the invoice, the invoices weren't matching ... We used our own forwarder, they couldn't find [the invoice]. We used their forwarder, they still couldn't find it," said Mihic, referring to the use of freight forwarders who facilitate the movement of goods and, in turn, trigger when a payment should fall due. The complaints from the suppliers of Mosaic Brands are separate to the new claims against Alquemie Group. But in both cases suppliers allege a pattern of delayed payments which they say is causing harm to businesses down the retailers' various supply chains, both in Australia and overseas. 'They kept making excuses' SurfStitch supplier Tomy Zheng said of Alquemie Group: "They kept making various excuses to delay the payments that were rightfully owed to us." Whilst trying to chase down the SurfStitch debt with Alquemie Group, the parent company of SurfStitch at the time, Tomy was told the online retailer had been sold. He says that before receiving notice of the sale, Alquemie Group was "still assuring us that payments would be made as scheduled". Following the sale, Alquemie Group claimed it was "trying to contact the owners of the company to respond" about the issue of the outstanding money but Tomy says he was never contacted by the new owners, Best Markets Pty Ltd. As far as Dateline is aware, Alquemie Group has not been investigated or faced any legal action in relation to any of these claims. Tomy, who once employed 120 workers, says he has now been forced to reduce his workforce to less than 30 people. Source: SBS Australian retailers have faced challenging circumstances in recent years as cost-of-living pressures have made customers more conservative with spending and driven many retail businesses into administration or receivership. An Alquemie Group spokesperson said these challenges had "required a rapid, and at times an extremely challenging strategic readjustment, in the last 18 months for many retailers and retail groups, including ourselves". In a response to our questions regarding delayed payments to suppliers, an Alquemie Group spokesperson said, "a very small number of suppliers have seen the current environment as an opportunity to pursue long-standing commercial disputes through the media with claims that are untested, unsubstantiated or simply untrue. We do not comment on individual commercial relationships but Alquemie has strong and long-standing partnerships with over 400 local and global suppliers and external partners". A quiet sale It was reported in 2023, Alquemie Group posted a $2 million loss, down from a $3.2 million profit the year earlier, amid redundancies and a failed rebranding of SurfStitch. In May this year, while suppliers like Tomy were chasing payment for delayed and unpaid invoices, SurfStitch was quietly sold to Best Markets Pty Ltd and placed into voluntary administration days later. Customers were not informed of the sale on the brand's Instagram page and users were instead told the website is "under maintenance". In a statement provided to an Australian business news site, an Alquemie Group spokesperson said SurfStitch was among "smaller portfolio brands" that were offloaded to focus on the growth of core brands. Women's clothing label Ginger & Smart — another Alquemie Group brand — was also sold to Best Markets Pty Ltd and put into voluntary administration at the same time as SurfStitch. A notice on the Ginger & Smart website says it's "currently undergoing maintenance". On the day SurfStitch was sold, documents were lodged with ASIC notifying of a change in the company's directors — with retail specialist Andrew Shub appointed in the place of Richard Facioni and financial leader Felicity Veivers. This same day, documents were also lodged with ASIC notifying of a change in the company directors of Alquemie Retail Operations — with Andrew Shub replacing Richard Facioni and Scott Evans, the former chair and CEO of Mosaic Brands respectively. Last month, as part of the voluntary administration process, it was revealed creditors of SurfStitch are owed $15 million. One creditor, Omnia Brands Pty Ltd, is reportedly owed $8,163, 260. The director and secretary of this company is also Richard Facioni, according to company documents lodged on ASIC. A spokesperson for Alquemie Group confirmed to SBS Dateline that they have invested millions into the business, SurfStitch, Ginger & Smart and General Pants and Co. and they remain a major creditor in SurfStitch ' s subsequent administration. They also stated "Alquemie Group's approach of strategically focusing on larger scale brands is showing positive progress with several new stores opening in the coming six months. Again those store openings would not be possible without the support and partnership of landlords, suppliers and most importantly of all — our customers". Still grateful SurfStitch supplier Tomy Zheng says that, despite his issues with the retailer and its former parent company Alquemie Group, he is grateful for his Australian clients and friends who have been 'actively helping and supporting' him after losing so much money. "Some of them even introduced new clients to help me get through this difficult time, and I truly appreciate that," he said. He also still hopes he will eventually get the payments, despite all the difficulties so far. "It's really painful – we are still struggling and suffering, like being pricked by needles day after day."
Mint
09-07-2025
- Mint
What is Bengaluru chit fund scam? Couple behind ₹40 crore fraud flees to Kenya. Here's what investors say
A couple hailing from Kerala and residing in Bengaluru has fled to Kenya, East Africa, after allegedly cheating hundreds of people through a chit fund scam, Deputy Commissioner of Police (Bengaluru East), D Devaraja, said. Police have registered a complaint and launched an investigation after more than 400 complaints -- mainly from Kerala - surfaced against them. The couple, identified as Tomy and Shiny, were operating A&A Chits and Finance, which promised investors high returns. The couple had been in the business for around 25 years and lured customers with returns ranging from 15 to 20 per cent. A chit fund is a rotating savings and credit scheme, where a group of people contributes a fixed sum regularly. In each cycle, one member receives the total collection, either by auction or draw. D Devaraja further revealed that the couple had liquidated the movable and immovable assets they owned before disappearing. 'They sold their house and cars below market price to different people. Till today, the total number of complaints received is more than 400. The total amount cheated is almost ₹ 40 crore. Most of the complaints are from Kerala. The accused left the country for Kenya on the 3rd on a tourist visa. Now we are going through bank details and financial transactions,' he said. A First Information Report has been registered against the duo under BNS 318, 317, the Chit Funds Act of 1982, and various sections of the BUDS Act (Banning of Unregulated Deposit Schemes Act, 2019). Devastated investors have come forward sharing how the accused family vanished without a trace during the city's 'Royal Challengers Bengaluru (RCB) victory celebrations'. Navina, one of the victims, told news agency ANI, 'We met the Commissioner because we have been victims of fraud by an entire family. The entire family absconded during the RCB victory celebrations when the whole city was celebrating. They took advantage of that moment to run away. It's been one month since they disappeared and we have no clue about their whereabouts. We are still searching for them.' She also revealed that despite their efforts, the situation remains uncertain. 'The bank says their house is under loan, and their properties are now being attached. What do we do now? The accused have been running this chit fund for 23 years and earned the trust of so many people. Almost 700 families invested in the name of trust. I personally invested ₹ 10 lakh.' Another investor, who claimed to have known the family for nearly 30 years, told the news agency: 'I invested ₹ 30 lakh. We trusted them for decades, but the whole family cheated us. They duped around 700 people. We even met DK Shivakumar and the home minister seeking help.' Tomy and Shiny ran a chit fund company called A&A Chits and Finance, where they promised people high returns of 15-20 per cent on their savings. At first, they gained people's trust by paying the promised returns on time. This encouraged more people to invest larger amounts, even using money saved for important things like children's education, medical expenses, and weddings. Some people even sold their properties to invest. But recently, the couple stopped paying returns and switched off their phones. They shut down their office and disappeared, leaving investors unable to reach them.
Mint
09-07-2025
- Mint
What is Bengaluru chit fund scam? Couple behind ₹40 crore fraud flees to Kenya. Here's what investors say
A couple hailing from Kerala and residing in Bengaluru has fled to Kenya, East Africa, after allegedly cheating hundreds of people through a chit fund scam, Deputy Commissioner of Police (Bengaluru East), D Devaraja, said. Police have registered a complaint and launched an investigation after more than 400 complaints -- mainly from Kerala - surfaced against them. The couple, identified as Tomy and Shiny, were operating A&A Chits and Finance, which promised investors high returns. The couple had been in the business for around 25 years and lured customers with returns ranging from 15 to 20 percent. A chit fund is a rotating savings and credit scheme, where a group of people contributes a fixed sum regularly. In each cycle, one member receives the total collection, either by auction or draw. D Devaraja further revealed that the couple had liquidated the movable and immovable assets they owned before disappearing. 'They sold their house and cars below market price to different people. Till today, the total number of complaints received is more than 400. The total amount cheated is almost ₹ 40 crore. Most of the complaints are from Kerala. The accused left the country for Kenya on the 3rd on a tourist visa. Now we are going through bank details and financial transactions,' he said. A First Information Report has been registered against the duo under BNS 318, 317, the Chit Funds Act of 1982, and various sections of the BUDS Act (Banning of Unregulated Deposit Schemes Act, 2019). Devastated investors have come forward sharing how the accused family vanished without a trace during the city's 'Royal Challengers Bengaluru (RCB) victory celebrations'. Navina, one of the victims, told news agency ANI, 'We met the Commissioner because we have been victims of fraud by an entire family. The entire family absconded during the RCB victory celebrations when the whole city was celebrating. They took advantage of that moment to run away. It's been one month since they disappeared and we have no clue about their whereabouts. We are still searching for them.' She also revealed that despite their efforts, the situation remains uncertain. 'The bank says their house is under loan, and their properties are now being attached. What do we do now? The accused have been running this chit fund for 23 years and earned the trust of so many people. Almost 700 families invested in the name of trust. I personally invested ₹ 10 lakh.' Another investor, who claimed to have known the family for nearly 30 years told news agency: 'I invested ₹ 30 lakh. We trusted them for decades, but the whole family cheated us. They duped around 700 people. We even met DK Shivakumar and the home minister seeking help.' Tomy and Shiny ran a chit fund company called A&A Chits and Finance, where they promised people high returns of 15-20% on their savings. At first, they gained people's trust by paying the promised returns on time. This encouraged more people to invest larger amounts, even using money saved for important things like children's education, medical expenses, and weddings. Some people even sold their properties to invest. But recently, the couple stopped paying returns and switched off their phones. They shut down their office and disappeared, leaving investors unable to reach them. Police say that over 400 people have filed complaints, claiming they lost huge amounts of money An NDTV report says the company was facing a major financial crisis, which likely caused the scam to collapse.
