Bengaluru, 7 July

A couple hailing from Kerala who had been staying in Ramamurthy Nagar in the City has been accused of orchestrating a huge chit fund scam, Onmanorama reported quoting police sources. The duo is reportedly accused of siphoning off Rs 40 crore from clients.

Police have registered a case and launched an investigation after more than 260 complaints were filed against A&A Chit Funds, the firm run by the couple.

It was PT Savio, who claimed that he lost Rs 70 lakh in the chit fund scheme, who filed the first complaint. Following his report, 265 other investors came forward with similar grievances.

According to police estimates, the total amount allegedly swindled by the couple may cross Rs 40 crore. The investigators expect more victims to come forward in the coming days.

According to the Onmanorama report quoting police sources, the accused – Tommy A Varghese and wife Shiny Tommy – have been living in Ramamurthy Nagar for more than 25 years. Their chit-fund business initially dealt in smaller investments, capped at around Rs 5 lakh. Over time, it began offering unusually high returns on fixed deposits, attracting larger investments. Some clients reportedly invested up to Rs 1.5 crore.

Sources said that Tommy left the city on the pretext that he had to travel to Alappuzha in Kerala in connection with a medical emergency in his family. Since then, there had been no trace of him.

It was Tommy’s sudden disappearance that made his clients suspicious, prompting them to approach the police