Bengaluru couple accused of ₹40 Cr chit fund fraud, over 260 investors file complaints

A Malayali couple from Bengaluru’s Ramamurthy Nagar has been accused of running a large-scale chit fund scam, reportedly cheating more than 260 investors of ₹40 crore. The accused, Tommy A Varghese and his wife Shiny Tommy, operated under the name A & A Chit Funds.

Also read: Bengaluru chit fund scam: Fraudster arrested after cheating over 40 people of crores

The couple, who had been in the business for over two decades, allegedly gained trust through personal networks and attractive returns. Many investors claimed they were regulars in the scheme and had contributed large sums, believing the fund was reliable. Some reportedly invested over ₹1.5 crore.

Complaints began surfacing after one investor, Savio P T, filed a police report stating he lost ₹70 lakh. Soon after, others followed, revealing the larger scale of the fraud. According to the complaint, the couple stopped returning calls and messages and allegedly left Bengaluru under the pretext of a family emergency. Their mobile phones remain switched off.

Victims have also expressed concern that the couple may have liquidated their assets before fleeing. Authorities are currently investigating and tracking the accused.