A Bengaluru-based couple, Tomy A.V. and Shini Tomy, accused of orchestrating a multi-crore chit fund scam, have been granted anticipatory bail by the Principal City Civil and Sessions Court. Preliminary investigations reveal that the couple allegedly collected ₹63 crore from 523 investors through chit subscriptions and deposits, raising serious concerns about financial fraud and investor protection.
Court Grants Conditional Bail
The court directed the accused to appear before the Investigation Officer by September 4 and fully cooperate with the ongoing probe. It also barred them from changing residence or leaving India without prior judicial approval. The case, initially investigated by Ramamurthy Nagar police, has now been transferred to the Criminal Investigation Department’s Economic Offences Wing.
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The prosecution alleged that the couple funnelled investor deposits through accounts of associates and family members, bypassing regulations requiring chit fund operators to deposit funds in approved banks. They were also accused of promising unusually high returns of 12–18 per cent, raising suspicions of a Ponzi-style operation.
Court records show prosecution claims that the duo collected at least ₹31.09 crore from 356 investors, although victims collectively reported higher figures exceeding ₹63 crore. The judge, however, noted inconsistencies in the prosecution’s submissions, including a lack of clarity on the time frame of collections and outstanding liabilities.
Disputed Travel and Ongoing Probe
The couple, partners in A & A Chits with licenses dating back 25 years, argued that the allegations were exaggerated and politically motivated. They told the court they had travelled to Nigeria in July to attend a family function, returning within two weeks. Bengaluru police, however, countered that they fled to Kenya after selling their apartment, suggesting attempts to evade scrutiny.
With multiple FIRs under the Indian Penal Code, Chit Funds Act, and Banning of Unregulated Deposit Schemes Act, the case is shaping into one of Bengaluru’s biggest chit fund frauds in recent years. The couple has also petitioned the Karnataka High Court to quash the FIR, maintaining that their business practices were lawful.
The investigation continues, as authorities sift through deposit records, investor complaints, and alleged fund transfers, while hundreds of affected depositors await justice.
