Kerala Couple Vanishes After ₹100 Crore Chit Fund Scam Rocks Bengaluru
Tomy and Shini Tomy, accused of defrauding over 1,300 investors, mostly Malayalis, flee Bengaluru after running A&A Chits and Finance for two decades
A Kerala couple, Tomy A Varghese and Shini Tomy, has disappeared after allegedly swindling over ₹100 crore from more than 1,300 investors through their chit fund company, A&A Chits and Finance, based in Bengaluru’s Ramamurthy Nagar. The scam, which targeted predominantly Malayali investors, unraveled when the couple vanished on July 3, leaving their office locked and phones switched off, prompting a police manhunt.
The fraud came to light after P.T. Savio, a 64-year-old retiree, filed a complaint on July 5, alleging a ₹70 lakh loss. Since then, 350 investors have lodged complaints, with deposits ranging from ₹1 lakh to ₹4.5 crore, and estimates suggest the total fraud could exceed ₹100 crore. Operating since 2005, the couple promised 12-20% returns, building trust through timely payments and community ties, including sponsoring Malayali religious events. However, payments stopped recently, and the couple allegedly sold their ₹1 crore flat and cars before fleeing, suggesting meticulous planning.
The Ramamurthy Nagar police have registered a case under the Chit Funds Act, 1982, the Banning of Unregulated Deposit Schemes Ordinance, 2019, and Bharatiya Nyaya Sanhita sections for cheating and criminal breach of trust. Authorities suspect the couple may have fled abroad and are probing their financial records and passport details. The scam, likened to the Bollywood film *Phir Hera Pheri*, has left investors, many of whom sold properties or invested life savings, in financial ruin, with victims now coordinating via WhatsApp to seek justice.
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