A Kerala-based couple have allegedly absconded to Kenya after cheating nearly 368 investors out of ₹39.66 crore through a chit fund and finance business they ran in East Bengaluru.
Tomy A Varghese, 57, and his wife Shini Tomy, 52, operated A&A Chit Funds and Finance in Krishnarajapuram since 2005. According to police, they sold their apartment and cars before fleeing India on July 3, just two days before an FIR was filed against them.
The scam surfaced when P T Savio, a 64-year-old resident, complained he lost ₹70 lakh. Investigations revealed that the couple promised returns of 6–14% to attract hundreds of investors. Funds were routed through the company’s accounts and their personal bank accounts.
Police say the total number of victims may exceed 750, and the cumulative loss could surpass ₹100 crore as more complaints pour in daily. Many investors discovered the fraud only after visiting the company’s locked office and finding the couple unreachable.
Deputy Commissioner of Police (East) D Devaraj confirmed the case is being treated seriously, and efforts are underway to track down the accused.
The police have booked the couple under the Chit Funds Act, the Banning of Unregulated Deposit Schemes Ordinance, and sections of the Bharatiya Nyaya Sanhita for cheating and criminal breach of trust.
A search has been launched in the couple’s recently sold home to collect further evidence.