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The city of Bengaluru is reeling from a massive financial scam involving a Malayali couple, Tomy A.V. and Shiny Tomy, who allegedly orchestrated a ₹100 crore chit fund fraud. Their company, A&A Chit Funds, operated for almost two decades in Ramamurthy Nagar, establishing trust within the local Malayali community, religious groups, and apartment associations through charitable donations and community sponsorships. These carefully cultivated relationships allowed them to attract numerous investors, who were promised exceptionally high returns on their investments.
The couples disappearance on July 3rd has left over 1,300 investors defrauded, with over 350 complaints already filed with the Ramamurthy Nagar police station. CCTV footage captured the couple leaving their residence with suitcases, and subsequent investigations have revealed that their phones are switched off, their flat has been sold, and their cars are missing. This suggests a carefully planned escape, with police suspecting they may have fled the country.
The investigation has uncovered irregularities in the companys operations. While A&A Chit Funds was licensed to collect only five lakh rupees per chit, investigators found evidence of significantly larger sums being collected, all in cash and undocumented. The company had expanded its operations to Sarjapur, Bommasandra, and Mangalore before the couples sudden disappearance. Remarkably, until the very end, the couple continued to pay interest to investors, maintaining their trustworthiness until their abrupt flight.
Families of the victims are devastated, having lost their life savings. Many are camping outside the Ramamurthy Nagar police station, demanding justice. A full-scale investigation is underway, encompassing a thorough examination of the company's financial records and scrutiny of flight data to determine if the couple has left the country. The incident serves as a stark reminder of the risks involved in investing in unregulated financial schemes and underscores the need for increased vigilance and stronger regulatory mechanisms. The possibility of this scam remaining unsolved adds further concern.
