Bengaluru chit fund scam: Kerala couple behind Rs 40 crore fraud flee to Kenya
Tomy AV and Shiny, proprietors of 'A&A Chit Funds', allegedly planned a massive scam, duping hundreds of investors with promises of 6 to 20 per cent returns
A Malayali couple, who are booked by the Bengaluru police for allegedly orchestrating a massive chit-fund scam worth an estimated ₹40 to ₹100 crore, are suspected to have fled to Kenya.
The duo, Tomy AV (57) and Shiny Tomy (52), proprietors of 'A&A Chit Funds and Finance', which operated for nearly two decades in Bengaluru's Ramamurthy Nagar, disappeared overnight on July 3rd, leaving over a thousand investors high and dry.
The great escape
Police investigations revealed that the couple meticulously planned their escape, selling their apartment in Krishnarajapuram and their cars before absconding. They had been luring investors, including Malayali individuals, religious groups, and apartment associations, with promises of exceptionally high returns, ranging from 6 to 20 per cent on investments.
According to a report in Malayala Manorama, the couple has been located in Kenya. Hundreds of complaints have been filed against Tomy and Shiny, with initial estimates suggesting over 400 investors having lost approximately Rs 100 crore. Authorities are actively searching for the couple.
Police case
On July 7, Bengaluru police has booked a case against a Malayali couple for allegedly defrauding investors through a chit fund scheme.
Also read: Kerala couple in ‘chit fund scam’: Sale of flat, cars hints at elaborate plan
https://thefederal.com/category/states/south/karnataka/kerala-couple-in-chit-fund-scam-sale-of-flat-cars-hints-at-elaborate-plan-195913
The couple, A V Tomy, who is a native of Ramankari in Alappuzha, and his wife Shiny Tomy has been reportedly missing since Wednesday (July 2) and appeared to have vanished after selling their house and vehicle. Their phones remained switched off.
The first complaint was made to the police by Savio PT, a 64-year-old resident of Ramamurthy Nagar. He alleged that his family lost around Rs 70 crore in the scheme. The suspects, he claimed, cheated many others.
The first FIR was filed on July 5 and then subsequently many other came forward to complain. By July 6th evening, police had received complaints from 265 individuals.
“When we checked on July 5, the building was locked. They stopped answering our calls, and their phones were switched off,” Savio told the police. Although their office is functioning, the employees there have no clue about the two
The police booked the suspects under the Chit Funds Act, 1982, and the Banning of Unregulated Deposit Schemes Ordinance, 2019. They also invoked sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS).
Most of the victims are reportedly Malayalis, who said they were convinced to invest due to the coup. connections with Malayali community organisations.