A couple from Kerala have accused 368 investors of about Rs 40 crore through a Chit fund and finance business in eastern Bengaluru, they are suspected of fleeing Kenya on July 3, booked on a police complaint filed by a senior citizen two days ago, who had lost Rs 70 lakh in the alleged chit fund scam.
Tommy A Varghese, 57, and his wife Shiney Tommy, 52, ran away from India after selling their apartments in Krishnarajapuram in eastern Bengaluru and have been doing their cars since 2005 in the A&C Funds and Finance firms in a pre-planned attempt.
A police source said, “This is a pre -planned fraud. They have sold everything owned by Bengaluru and have run away. They suspect to live in a country in Africa.”
Dozens of investors have approached Ramamurthy Nagar police station in East Bengaluru, which are complaints by the A&A Chit Fund Company by Tomis.
On July 5, the police registered an FIR on the basis of a complaint of an investor in PT Savio, 64, a Ramamurthy Nagar resident and a chit fund firm, who has been cheated by the couple for Rs 70 lakh by the couple.
Police investigation has found that 368 investors have been cheated for Rs 39.66 crore in the A&A chit fund. According to the police, the firm has more than 750 investors and the total loss can touch Rs 100 crore if more afflicted victims come forward to file a complaint.
“During the preliminary investigation, it has been found that around 750-800 people have invested chit funds and finance in this company. Every day people gather near the police station to file a complaint against A&A Chit Fund and Finance Company. The number of people cheated by the company is likely to move forward and can cross hundreds of crosses of the amount.”
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Police source said, “They have sold the house in which they were living and ran away without knowing anyone, cheated them for hundreds of crores of rupees.”
Police said that the couple being sold recently is being searched for the house.
Police source said, “The accused has been running A&A Chit fund and finance company for almost 20 years, promising interest rates from 6 to 14 percent. The couple are accused of cleaning bank accounts in which they received money from investors.
Deputy Commissioner of Police (East), D. Devraj said, “The Bangalore City Police has taken the said case seriously and all possible steps are being taken to find the accused.”
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The couple Jai Ho from Mampuzakari area of Alappuzha district in Kerala.
According to the police complaint filed by Savio, Tomis gathered hundreds of small and big investors in the firm with a promise of high returns. According to Savio’s complaint, money deposited by investors was being collected in the bank accounts and private accounts of the doubles.
Savio’s complaint said, “They have collected Rs 70 lakh from me and my family and several crores from others. When we visited the company’s office, we found that it was closed and the couple were missing. Their phones were also closed.”
The police case was registered under Section 4 of the Chit Funds Act 1982, which was under Section 21 of banning the ordinance 2019 of irregular deposit schemes, and for cheating and criminal violations of the Indian Judicial Code under Section 318 and 316.
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