Phir Hera Pheri style $5 million chit fund scam: How Kerala couple Tomy and Shiny duped people in Bengaluru and fled

A couple from Kerala, based in Bengaluru's Ramamurthy Nagar has been accused of chit fund scam worth over ₹40 crore. The couple identified as Tomy and Shiny have been living in Bengaluru for the past 25 years and were running 'A&A Chits and Finance', a chit fund institution offering high returns, ranging between 15 to 20 per cent on investments. Now, police have registered a case against them for siphoning large sum of money and launched an investigation after more than 260 complaints were filed against them. The case surfaced when an investor PT Savio claimed he lost ₹70 lakh in the scheme.

As per multiple reports, the couple initially offered good returns with an aim to build confidence. However, the payout stopped recently and the couple went incommunicado. According to the FIR filed at the Ramamurthy Nagar Police Station, the couple convinced people to invest their life savings, money set aside for children's education, medical expenses, and weddings. Some even sold off property to invest in what they thought was a secure financial scheme.

As per a report in Onmanorama, an investor from Kerala said, "They promised returns of 12-13% which seemed good. They promptly credited the interest also, earning our trust. So I asked my daughter and son to invest. Another friend also invested his savings," said a complainant who did not want to be named for this article. An investor had met with Tomy three months ago and said that he would require funds for a personal emergency in July. "He agreed to it. There was no reason to doubt him. But since last week, the couple was missing. Both of them regularly came to the office, and when we asked the staff, they were clueless. We contacted them via phone and there was no answer."

Meanwhile, an office-bearer of the Bengaluru-based collective of Malayalis said that Tomy regularly attended community gatherings and church meetings. "They canvassed people to invest savings in their chit fund. The interest rate was attractive and they had a long history which naturally inspired trust," he said. Many of the investors who filed complaints on Monday have associated with the chit fund for a long term. "It started with my father and then my sister and I deposited our funds. There was never a reason to suspect them," a woman said. Police have launched a manhunt to find the duo.