TOMY, SHINY FLEE
Bengaluru
A couple from Kerala, based in Bengaluru’s Ramamurthy Nagar, have been booked in a chit fund scam, who allegedly siphoned over Rs 40 crore from the investors before absconding to Kenya.
Deputy Commissioner of Police, Bengaluru East, D Devaraja, speaking to reporters, said that the accused were operating under a firm named A&A Chit Fund and hailed from Alappuzha, Kerala. He said, “This was owned by a couple hailing from Alappuzha, Kerala. On 5th July, some people came to Ramamurthy Nagar police station and registered a complaint, saying that they had invested in the A&A Chit Fund company, and now the owners, the couple, are absconding.”
DCP Devaraj said that the police received over 400 complaints, and most of them are from Kerala. “We registered a criminal case under BNS 318, 317, Chit Funds Act of 1982, and different sections of the BUDS Act (Banning of Unregulated Deposit Schemes Act, 2019). Initial investigation revealed that the couple had sold their assets, including a house and vehicles, at undervalued prices, raising suspicions about a planned escape,” he added.
Initially, to build confidence, the couple offered consistent returns, say the victims. However, recently, the payout stopped, and the couple became unreachable. This made investors suspicious. At least 300 investors have reportedly complained to the police, claiming to have invested huge sums.
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. However, now, with their mobile phones switched off and the office shut, the couple has vanished.