Latest news with #A&AChitsandFinance
India Today
6 days ago
- Business
- India Today
Karnataka man arrested for duping 800 people of Rs 50 crore in investment scam
Karnataka police have arrested a 58-year-old man for allegedly cheating more than 800 people through fraudulent investment schemes in to police, Ramachandra Akul, ran his operations under the name 'Venus Enterprises,' based in the Arcade Building at Akkamahadevi lured investors by promising high returns of 15–20 per cent on various online investment schemes. Police said he collected over Rs 50 crore from unsuspecting investors before the scam came to light. Investigations are underway to trace the money and identify potential a similar case in Bengaluru, a couple originally from Kerala, identified as Tomy and Shiny, have gone missing after allegedly defrauding hundreds of investors in a multi-crore chit fund scam. The duo, who operated A&A Chits and Finance in Ramamurthy Nagar for over 25 years, reportedly promised investors 15–20 per cent returns and gained their trust by delivering payments on time for payments allegedly stopped in recent months, and the couple vanished, leaving hundreds of investors in shock. Police in Bengaluru have registered a case, begun a manhunt, and are examining the firm's financial records as part of the investigation. Over 350 victims have already recorded statements, and authorities believe more may come another case, a woman named Savita was arrested by Basaveshwaranagar police in Bengaluru for allegedly defrauding over 20 women of more than Rs 30 crore. Police said she befriended wealthy women at kitty parties, claiming political connections and offering high-return investments and discounted gold from the US.- EndsTrending Reel IN THIS STORY#Karnataka
Mint
09-07-2025
- Mint
What is Bengaluru chit fund scam? Couple behind ₹40 crore fraud flees to Kenya. Here's what investors say
A couple hailing from Kerala and residing in Bengaluru has fled to Kenya, East Africa, after allegedly cheating hundreds of people through a chit fund scam, Deputy Commissioner of Police (Bengaluru East), D Devaraja, said. Police have registered a complaint and launched an investigation after more than 400 complaints -- mainly from Kerala - surfaced against them. The couple, identified as Tomy and Shiny, were operating A&A Chits and Finance, which promised investors high returns. The couple had been in the business for around 25 years and lured customers with returns ranging from 15 to 20 per cent. A chit fund is a rotating savings and credit scheme, where a group of people contributes a fixed sum regularly. In each cycle, one member receives the total collection, either by auction or draw. D Devaraja further revealed that the couple had liquidated the movable and immovable assets they owned before disappearing. 'They sold their house and cars below market price to different people. Till today, the total number of complaints received is more than 400. The total amount cheated is almost ₹ 40 crore. Most of the complaints are from Kerala. The accused left the country for Kenya on the 3rd on a tourist visa. Now we are going through bank details and financial transactions,' he said. A First Information Report has been registered against the duo under BNS 318, 317, the Chit Funds Act of 1982, and various sections of the BUDS Act (Banning of Unregulated Deposit Schemes Act, 2019). Devastated investors have come forward sharing how the accused family vanished without a trace during the city's 'Royal Challengers Bengaluru (RCB) victory celebrations'. Navina, one of the victims, told news agency ANI, 'We met the Commissioner because we have been victims of fraud by an entire family. The entire family absconded during the RCB victory celebrations when the whole city was celebrating. They took advantage of that moment to run away. It's been one month since they disappeared and we have no clue about their whereabouts. We are still searching for them.' She also revealed that despite their efforts, the situation remains uncertain. 'The bank says their house is under loan, and their properties are now being attached. What do we do now? The accused have been running this chit fund for 23 years and earned the trust of so many people. Almost 700 families invested in the name of trust. I personally invested ₹ 10 lakh.' Another investor, who claimed to have known the family for nearly 30 years, told the news agency: 'I invested ₹ 30 lakh. We trusted them for decades, but the whole family cheated us. They duped around 700 people. We even met DK Shivakumar and the home minister seeking help.' Tomy and Shiny ran a chit fund company called A&A Chits and Finance, where they promised people high returns of 15-20 per cent on their savings. At first, they gained people's trust by paying the promised returns on time. This encouraged more people to invest larger amounts, even using money saved for important things like children's education, medical expenses, and weddings. Some people even sold their properties to invest. But recently, the couple stopped paying returns and switched off their phones. They shut down their office and disappeared, leaving investors unable to reach them.
Mint
09-07-2025
- Mint
What is Bengaluru chit fund scam? Couple behind ₹40 crore fraud flees to Kenya. Here's what investors say
A couple hailing from Kerala and residing in Bengaluru has fled to Kenya, East Africa, after allegedly cheating hundreds of people through a chit fund scam, Deputy Commissioner of Police (Bengaluru East), D Devaraja, said. Police have registered a complaint and launched an investigation after more than 400 complaints -- mainly from Kerala - surfaced against them. The couple, identified as Tomy and Shiny, were operating A&A Chits and Finance, which promised investors high returns. The couple had been in the business for around 25 years and lured customers with returns ranging from 15 to 20 percent. A chit fund is a rotating savings and credit scheme, where a group of people contributes a fixed sum regularly. In each cycle, one member receives the total collection, either by auction or draw. D Devaraja further revealed that the couple had liquidated the movable and immovable assets they owned before disappearing. 'They sold their house and cars below market price to different people. Till today, the total number of complaints received is more than 400. The total amount cheated is almost ₹ 40 crore. Most of the complaints are from Kerala. The accused left the country for Kenya on the 3rd on a tourist visa. Now we are going through bank details and financial transactions,' he said. A First Information Report has been registered against the duo under BNS 318, 317, the Chit Funds Act of 1982, and various sections of the BUDS Act (Banning of Unregulated Deposit Schemes Act, 2019). Devastated investors have come forward sharing how the accused family vanished without a trace during the city's 'Royal Challengers Bengaluru (RCB) victory celebrations'. Navina, one of the victims, told news agency ANI, 'We met the Commissioner because we have been victims of fraud by an entire family. The entire family absconded during the RCB victory celebrations when the whole city was celebrating. They took advantage of that moment to run away. It's been one month since they disappeared and we have no clue about their whereabouts. We are still searching for them.' She also revealed that despite their efforts, the situation remains uncertain. 'The bank says their house is under loan, and their properties are now being attached. What do we do now? The accused have been running this chit fund for 23 years and earned the trust of so many people. Almost 700 families invested in the name of trust. I personally invested ₹ 10 lakh.' Another investor, who claimed to have known the family for nearly 30 years told news agency: 'I invested ₹ 30 lakh. We trusted them for decades, but the whole family cheated us. They duped around 700 people. We even met DK Shivakumar and the home minister seeking help.' Tomy and Shiny ran a chit fund company called A&A Chits and Finance, where they promised people high returns of 15-20% on their savings. At first, they gained people's trust by paying the promised returns on time. This encouraged more people to invest larger amounts, even using money saved for important things like children's education, medical expenses, and weddings. Some people even sold their properties to invest. But recently, the couple stopped paying returns and switched off their phones. They shut down their office and disappeared, leaving investors unable to reach them. Police say that over 400 people have filed complaints, claiming they lost huge amounts of money An NDTV report says the company was facing a major financial crisis, which likely caused the scam to collapse.
NDTV
08-07-2025
- Business
- NDTV
Kerala Couple, Tomy And Shiny, Flee After Multi-Crore Scam In Bengaluru
"21 din me paise double (double your money in 21 days)" - When Raju learns about this get-rich-quick scheme, he convinces Shyam and Baburao Ganpatrao Apte. By selling their bungalow and borrowing some money, the trio invest Rs 1 crore in the 'Lakshmi Chit Fund' with the hope of getting Rs 2 crore in three weeks. However, 21 days later, they find themselves in financial ruin, having lost everything. This is the story of the Bollywood movie 'Phir Hera Pheri', which has come true in Bengaluru, where a couple from Kerala, Tomy and Shiny, have been accused of defrauding hundreds of people of crores by luring them with exceptionally high returns on their investments. A&A Chits And Finance: Real-life 'Lakshmi Chit Fund' Tomy and Shiny, a Kerala-based couple, have been living in Bengaluru for the past 25 years and running 'A&A Chits and Finance', a chit fund institution offering high returns, ranging between 15 to 20 per cent on investments. 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. The 'A&A Chits and Finance' was reeling under a severe financial crisis, according to the sources. Police have launched a manhunt to trace the whereabouts of Tomy and Shiny, who are believed to have fled Bengaluru. Initial reports suggest they may have liquidated both movable and immovable assets they owned before disappearing.
