A Malayali couple based in Bengaluru’s Ramamurthy Nagar arrested in massive Chit Fund Scam. There are over 260 complaints filed against them. Recently, the scam of 40 crore has been reported by investor, after which police arrest them. Police have registered a case and starts an investigation after more than 260 lawsuits surfaced against the firm. According to the report, the accused, Tommy A Varghese and his wife, Shiny Tommy run the chit fund firm named A & A Chit Funds in the area.
40 Crore Chit Fund Scam by Bengaluru Couple
The case was emerge by a complaint from investor PT Savio, who claimed he lost ₹70 lakh in the scheme. Following his file, 265 more buyers have come forward with same complaints.
According to police estimates, the full amount lost in the scam go to ₹40 crore. Officials consider that even more victims also come forward in the coming days.
The couple was living in Ramamurthy Nagar for over 25 years. Their chit fund firm first dealt in smaller investments, capped at around ₹5 lakh. However, with time, the firm providing high returns on fixed deposits and attracting larger investments. Some buyers also made investment up to ₹1.5 crore.
Accused missing
Tommy allegedly tell investors he had to travel to Alappuzha in Kerala because of a medical emergency in the family. Since then, he has remained unreachable. His sudden disappearance raised alarm amongst clients, lots of whom approached the police after realising they had been defrauded in Chit Fund Scam. A case has been filed, and the search for the couple is going on.
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