Kerala couple vanishes after ₹100-crore chit fund scam in Bengaluru

A Kerala-origin couple, who built a reputation over two decades running a chit fund firm in Bengaluru, has allegedly vanished after defrauding hundreds of investors in what is emerging as a multi-crore financial scam.

Tomy and Shiny, operators of A&A Chits and Finance in Ramamurthy Nagar, had been offering unusually high returns of 15 to 20%, luring clients with the promise of steady income. Police believe the couple fled the city in recent weeks after abruptly halting payments and cutting all communication.

Victims, many of whom had invested their life savings or sold off property to participate in the scheme, say the couple had built deep trust in the community by consistently delivering returns for years. This long-standing credibility, they allege, helped mask a slow-burning Ponzi-style operation.

Trouble began when monthly payouts stopped arriving. Phone calls went unanswered. Doors stayed shut. With panic spreading, victims approached the police, leading to the registration of a First Information Report (FIR) and the launch of a full-scale investigation.

Preliminary estimates suggest the fraud could run into ₹100 crore or more, though the actual amount may rise as more complaints surface. Police are now examining financial documents and bank trails linked to the firm, even as a manhunt is underway to trace the couple’s whereabouts.

“We suspect they may have liquidated assets and left the state. All exit routes and financial trails are under scrutiny,” an investigating officer said.

The case has reignited concerns over the lack of stringent oversight on informal finance companies, especially those operating on community trust without regulatory checks.