Kerala couple in Bengaluru booked in ₹40 crore chit fund scam, over 260 investors cry foul: Report

The case was triggered by a complaint from an investor, who claimed he lost ₹70 lakh in the scheme.

Updated on: Jul 8, 2025, 14:56:09 IST

By HT News Desk | Edited by Anagha Deshpande

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A couple originally from Kerala, based in Bengaluru’s Ramamurthy Nagar, is at the centre of a massive chit fund scam, with over ₹40 crore reportedly siphoned off from unsuspecting investors, Onmanorama reported.

Police have registered a case and launched an investigation after more than 260 complaints surfaced against the firm.

According to the report, the accused, Tommy A Varghese and his wife Shiny Tommy, were running a chit fund company named A & A Chit Funds in the area.

(Also Read: Bengaluru auto driver snatches ₹10,000 cash from elderly passenger, flees: Report )

The case was triggered by a complaint from investor PT Savio, who claimed he lost ₹70 lakh in the scheme. Following his report, 265 additional investors have come forward with similar grievances.

According to police estimates, the total amount lost in the alleged scam may cross ₹40 crore. Officials believe even more victims may come forward in the coming days, the report further added.

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The Kerala couple had been living in Ramamurthy Nagar for over 25 years. Their chit fund business initially dealt in smaller investments, capped at around ₹5 lakh. However, over time, the firm began offering unusually high returns on fixed deposits, attracting larger investments. Some investors reportedly put in up to ₹1.5 crore.

Accused missing

Tommy allegedly told investors he needed to travel to Alappuzha in Kerala due to a medical emergency in the family. Since then, he has remained unreachable. His sudden disappearance raised alarm among clients, many of whom approached the police after realising they had likely been defrauded.

A case has been filed, and the search for the couple is underway.

(Also Read: Bengaluru men lose over ₹2 crore in WhatsApp-based stock market scam: Report)

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