Bengaluru: Fake chit fund scam; Sudha Siddappaji couple vanish with crores in JP Nagar

A shocking chit fund scam has rocked the JP Nagar and Jarganahalli areas of Bengaluru, with hundreds of residents falling prey to financial fraud allegedly carried out by a couple, Sudha and Siddappaji. The accused, who operated an unofficial chit fund scheme, have reportedly escaped overnight, leaving hundreds of investors devastated.

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According to complaints filed at the Puttenahalli Police Station, the couple had collected funds from over 500 individuals, promising lucrative monthly returns. For a chit worth Rs 5 lakh, they offered Rs 12,500 per month, and for a Rs 10 lakh chit, the promised return was Rs 25,000 per month. Attracted by these high returns, many residents invested their hard-earned money without formal agreements or receipts.

The couple had built trust over time, operating within the community, and luring people through word-of-mouth. Victims now say that the scheme had been running smoothly for months until the payments abruptly stopped, and the couple went incommunicado. Their rented home in Jarganahalli was found vacant last week, suggesting a pre-planned escape.

Victims, ranging from homemakers and retired employees to small traders have come forward in large numbers to file complaints. Police officials at Puttenahalli Station have begun an investigation and are tracking the accused’s last known movements.