A Kerala-origin couple has disappeared from Bengaluru after allegedly cheating hundreds in a massive chit fund fraud. Identified as Tomy and Shiny, the duo ran A&A Chits and Finance in Ramamurthy Nagar, promising hefty monthly profits for nearly 25 years.
Police reports indicate the pair enticed depositors by guaranteeing returns between 15% and 20%, convincing many to sell property or invest their entire life savings. For years, they consistently issued payouts, building strong credibility among investors.
Recently, payments abruptly stopped, sparking panic. As calls and visits went unanswered, suspicion grew that the couple had liquidated their assets and absconded.
An FIR has been lodged, and authorities have launched efforts to trace the two and recover defrauded funds. Investigators are scrutinising bank transactions and company documents to track the missing money trail.
According to officials, more than 350 victims have recorded statements, though police believe the actual number of affected investors could be far higher. Many may still be unaware they have been deceived.
The Deputy Commissioner of Police confirmed that substantial leads have emerged during the probe. He is scheduled to address the press at noon on Wednesday to share updates.
The case has highlighted how prolonged consistent returns can mask fraudulent schemes and devastate unsuspecting depositors.