US EditionWhat Is Bengaluru Chit Fund Scam? Couple Behind ₹40 Crore Fraud Flees to Kenya. Here's What Investors Say
BENGALURU, KARNATAKA, JUL 6 – The Kerala couple allegedly promised 25% returns to over 1,300 investors before absconding with crores in a scam involving nearly Rs 100 crore, police said.
- On July 5, Karnataka authorities filed a complaint against Kerala-based couple Tomy A.V. and Shiny Tomy for defrauding investors through their A&A Chit Fund business in Bengaluru.
- The complaint arose after dozens of investors, including Savio P.T. who lost ₹70 lakh, found the chit fund office closed and the couple missing.
- The couple operated the chit fund since 2005, promising 15 to 25% returns, and allegedly collected over ₹50 crore, with funds deposited into both their private and firm accounts.
- A case has been filed under the Chit Funds Act of 1982, the 2019 ordinance prohibiting unregulated deposit schemes, and relevant sections of the Bharatiya Nyaya Sanhita relating to cheating and violation of trust.
- Authorities are examining financial documents and pursuing various tips in an effort to find the couple, while more than 300 investors seek legal recourse and hope to recover their lost funds.
18 Articles
18 Articles
Chit Fund Scam in Bengaluru: Kerala Couple Tomy and Shini Varghese Pull Off ‘Phir Hera Pheri’ Style Fraud, Go Missing After Duping Investors of Over INR 100 Crore; Probe Launched | 📰 LatestLY
A case seemingly straight out of the famous Bollywood movie "Phir Hera Pheri" has come to light, involving a Malayali couple who allegedly duped hundreds in a massive chit fund scam. Tomy A Varghese and Shini Tomy, residents of Bengaluru’s Ramamurthy Nagar, are accused of luring investors with promises of high returns through their firm, A&A Chits and Finance. 📰 Chit Fund Scam in Bengaluru: Kerala Couple Tomy and Shini Varghese Pull Off ‘Phir H…
What is Bengaluru chit fund scam? Couple behind ₹40 crore fraud flees to Kenya. Here's what investors say
A couple from Kerala, residing in Bengaluru, fled to Kenya after allegedly cheating over 400 investors in a chit fund scam. They operated A&A Chits and Finance, promising high returns but stopped payments, leading to a loss of nearly ₹40 crore.
Kerala couple vanishes with crores in Bengalurua after pulling off 'Phir Hera Pheri'-style scam
In a plot twist straight out of a Bollywood script, Tomy and Shiny, a Kerala couple running a chit fund in Bengaluru, have reportedly fled the city after allegedly swindling hundreds of investors of crores of rupees. The duo operated 'A&A Chits and Finance' from Ramamurthy Nagar for over 25 years, charming investors with promises of juicy monthly returns between 15 to 20 per cent — returns so tempting that many parted with their life savings, so…
Malayali couple booked in Bengaluru chit fund scam missing
Chit fund scam in Bengaluru has resulted in over 40 crore in investor losses. Tommy A Varghese and his wife Shiny Tommy, who ran A & A Chit Funds,.Bengaluru chit fund scam, chit fund fraud, A & A Chit Funds, Tommy A Varghese, Shiny Tommy, Ramamurthy Nagar, investment fraud, Ponzi scheme, financial scam, investor losses, police investigation, Alappuzha, fraud investigation
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