Kerala couple booked for chit fund fraud in Bengaluru

Bengaluru: The Ramamurthy Nagar police have booked two people for allegedly cheating investors through a chit fund scheme.

The suspects, Tomy AV and Shiny Tomy, ran A&A Chit Fund and Finance in Ramamurthy Nagar. The police said the couple hail from Kerala.

The FIR was filed on July 5 after a complaint from Savio PT, a 64-year-old resident of Ramamurthy Nagar. He alleged that his family lost around Rs 70 crore in the scheme. The suspects, he claimed, cheated many others of several crores.

"When we checked on July 5, the building was locked. They stopped answering our calls, and their phones were switched off,” Savio told the police.

The police booked the suspects under the Chit Funds Act, 1982, and the Banning of Unregulated Deposit Schemes Ordinance, 2019. They also invoked sections 318(4) (cheating) and 316(2) (criminal breach of trust) of the Bharatiya Nyaya Sanhita (BNS).

The FIR stated that the chit fund had been running since 2005 and collapsed on July 5, 2025.

“The couple appear to be absconding. We are investigating,” a police officer said.