40 crore chit fund scam in Bengaluru: Malayali couple suspected to have left the country

ALAPPUZHA: Police remain in the dark regarding the whereabouts of Tomy and his wife Shiny, who are accused of defrauding depositors of crores of rupees before abruptly shutting down their chit fund business in Bengaluru and vanishing after claiming they were travelling to Alappuzha.

Tomy, originally from Ramankary, operated A & A Chit Fund and Finance in Ramamurthy Nagar, Bengaluru. Following instructions from the district police chief, Ramankary police searched the couple’s residence, but found no clues, further fueling suspicions that they may have escaped overseas.

Tomy and his wife told others they were going to Alappuzha due to a relative's illness. When they became unreachable by phone, depositors realised it was a scam and approached the police.

It is suspected that Tomy and Shiny sold off their flat and vehicles in Ramamurthy Nagar and may have escaped either to a foreign country or to some other safe location, possibly to join their children, who are reportedly abroad.

Meanwhile, their family house in Ramankary is locked, and Tomy's only brother lives outside the district. Police have not received any useful information from neighbours or relatives. The family had been living in Ramamurthy Nagar for 25 years. In recent years, Tomy had distanced himself from his native region of Kuttanad and maintained closer ties with his wife’s family in Kottayam, according to available police information. Police are currently collecting details about acquaintances they may have in the Kottayam and Changanassery areas.

A & A initially operated small chit funds of up to Rs 5 lakh. Later, they began accepting fixed deposits by promising high returns. Some victims had invested up to Rs 1.5 crore. One individual, P.T. Savio, filed a complaint after losing Rs 70 lakh. Following this, 265 victims approached the police. Police estimate that the depositors have lost over Rs 40 crore in the scam.