A couple from Kerala residing in Bengaluru’s Ramamurthy Nagar has allegedly orchestrated a massive chit fund scam worth over ₹40 crore, according to a report by Onmanorama. The duo, Tommy A Varghese and Shiny Tommy, reportedly defrauded hundreds through their firm A & A Chit Funds.
The scam surfaced following a complaint by investor PT Savio, who claimed a loss of ₹70 lakh. In the wake of his report, over 260 others filed similar grievances, pushing the number of complaints to 265 and prompting police to register a case and initiate an investigation.
Police estimate the total fraud may surpass ₹40 crore, with the possibility of more victims stepping forward. The couple, long-time residents of the area for over 25 years, initially dealt in modest investments of up to ₹5 lakh. However, they later lured investors by offering abnormally high returns on fixed deposits—some individuals reportedly invested up to ₹1.5 crore.
Tommy allegedly told clients he was leaving for Alappuzha, Kerala, due to a medical emergency, but has been unreachable ever since. His disappearance sparked suspicion among investors, leading to a flood of police complaints.
Authorities are now searching for the couple, who remain absconding. Police say the case is being treated with urgency due to the scale of financial loss and the growing number of complainants.