
Kerala couple in ‘chit fund scam’: Sale of flat, cars hints at elaborate plan
While police are reportedly tracing the couple’s passport details to find out if they have fled the country, their children have also reportedly gone unreachable
Tomy A Varghese and Shiny Tomy, the Malayali couple accused of duping hundreds of investors in a chit fund scam, had reportedly lived in Bengaluru for 25 years before vanishing earlier this month after selling most of their movable and immovable assets, including a flat at KR Puram valued at around Rs 1 crore.
According to Onmanorama, the family owned a fully furnished 1615-sqft 3BHK flat at Bhattarahalli near KR Puram, which they had bought for around Rs 1.1 crore but resold it — along with all the furniture — for something well below Rs 1 crore.
They also sold their cars, and CCTV visuals accessed by the police reportedly show them leaving with suitcases on July 3. They reportedly withdrew funds from bank accounts too.
Planned crime, believe victims
These point to meticulous planning, feel the victims. According to Onmanorama, the couple had hiked the interest rates aggressively on the deposits in the recent past, reveal the complaints lodged by investors at Ramamurthy Nagar police station.
Also read: Bengaluru: Kerala couple booked for duping investors in chit fund scam
It has reportedly also emerged that A&A Chits and Finance — which offered returns in the range of 15 to 20 per cent — was reeling under a severe financial crisis. Now, the police have reportedly collected passport details to find out whether the couple has left the country.
The couple’s daughter reportedly lives in Bengaluru while one of their sons lives in Goa and another in Canada. The daughter is unreachable as well, while the son in Toronto has reportedly also gone incommunicado after some investors could briefly contact him.
Crossing limits
Apparently, the couple had a licence to run chit funds up to Rs 5 lakh. However, they dealt with much higher sums and the amounts deposited by investors range between Rs 1 lakh and Rs 4.5 crore. The combined deposits are estimated to be above Rs 100 crore.
The victims say the couple also offered consistent returns all these years. However, they became suspicious after the returns stopped and the couple suddenly became unreachable.
The case came to light when a pensioner, a resident of Peroor in Kerala’s Kottayam, lodged a complaint. So far, 350 depositors have lodged individual complaints at Ramamurthy Nagar police station.
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Earning trust
The couple reportedly relied on goodwill and word-of-mouth publicity to build their business, participating in religious gatherings and festivals regularly. In January this year, they even sponsored an event at a religious festival.
They allegedly convinced people to invest their life savings in their chit funds, assuring them that the schemes were governed by RBI regulations. Some invested money set aside for their children’s education, some their medical expenses, weddings, and some even sold off their property to invest in those chit funds.