BENGALURU : A long-standing presence in Ramamurthy Nagar, a Malayali couple who had resided in the area for over 25 years, is now at the heart of a sprawling financial scandal. Tommy A Varghese and his wife, Shiny Tommy, are alleged to have run a fraudulent chit fund operation, A & A Chit Funds, which has reportedly defrauded investors of more than ₹40 crore. The revelation has sent shockwaves through the community, with police actively investigating the growing number of complaints.
The Unraveling of A & A Chit Funds
The intricate web of the alleged scam began to unravel with a single complaint from an investor, P.T. Savio, who reported a loss of ₹70 lakh (approximately $84,000 USD) in the scheme. This initial report acted as a catalyst, prompting an additional 265 investors to come forward with similar grievances, painting a grim picture of widespread financial devastation. Police estimates suggest that the total amount lost could exceed ₹40 crore, and authorities anticipate that even more victims may emerge as the investigation progresses.
From Modest Beginnings to High-Stakes Promises
For years, Tommy and Shiny Tommy operated their chit fund business, initially dealing in smaller investments, typically capped at around ₹5 lakh (approximately $6,000 USD). This seemingly modest approach likely built a foundation of trust within the community. However, over time, the firm reportedly shifted its strategy, beginning to offer unusually high returns on fixed deposits. This aggressive tactic proved highly attractive, drawing in larger investments, with some individuals reportedly committing as much as ₹1.5 crore (approximately $180,000 USD) to the scheme. The promise of quick and substantial profits appears to have been a key factor in ensnaring a large number of investors.
The Sudden Disappearance and Mounting Suspicions
The alleged fraud came to a head with Tommy A Varghese’s sudden disappearance. He reportedly informed investors that he needed to travel to Alappuzha in Kerala due to a medical emergency within his family. Since that time, he has remained unreachable, his phone lines silent. This abrupt vanishing act immediately raised alarm bells among his clients. Many, realizing the gravity of the situation and fearing they had been defrauded, quickly approached the police to file complaints. The absence of the couple has only intensified suspicions and the urgency of the ongoing investigation.
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Police Action and the Search Underway
In response to the deluge of complaints, police have formally registered a case against the couple and have launched a comprehensive investigation. The primary objective is to locate Tommy A Varghese and Shiny Tommy and bring them to justice. The search for the couple is currently underway, as authorities work to piece together the full extent of the alleged scam and recover the funds lost by hundreds of individuals.