Bengaluru, July 11, 2025 — A significant financial scandal has rocked Bengaluru, involving a Malayali couple, Tommy AV and Shiny Tommy, who are accused of orchestrating a chit fund scam that defrauded over 1,300 investors of approximately Rs 100 crore. The couple, who operated under the name A&A Chits and Finance in Ramamurthy Nagar for nearly two decades, have disappeared, leaving behind a trail of financial ruin for their victims.
The scam came to light after the couple vanished on July 3, 2025, with their phones switched off and CCTV footage capturing them leaving with suitcases. Investigations reveal that they had meticulously planned their escape, selling their flat and other assets before disappearing. The police suspect they may have fled the country, prompting a global investigation involving both Kerala and Karnataka authorities.
A&A Chits and Finance promised sky-high returns to investors, primarily targeting fellow Malayalis and religious groups, as well as apartment associations. Despite being licensed only to collect Rs 5 lakh per chit, the couple allegedly collected crores in cash, often without proper documentation. Their operations expanded beyond Ramamurthy Nagar to areas like Sarjapur, Bommanahalli, and Mangaluru, further exacerbating the scale of the fraud.
The scam's impact is profound, with over 350 victims having filed complaints, many of whom are now camping outside the Ramamurthy Nagar police station, desperate for answers and recovery of their life savings. The couple's strategy included maintaining investor trust by regularly paying interest until the very end, which masked the fraudulent nature of their operations.This incident has reignited concerns about the regulation of chit funds and similar investment schemes in India. The lack of oversight and the ease with which such scams can operate, often within close-knit communities, highlight the urgent need for stronger financial regulations and improved investor education. The case is being compared to past financial scandals, such as the Saradha Group scam in West Bengal, which also involved unregulated collective investment schemes.
Authorities are currently conducting a thorough investigation, checking flight data and financial records to trace the couple's whereabouts and recover the misappropriated funds. The hope is that this case does not become another unsolved scam story, but rather a catalyst for systemic change in financial oversight and consumer protection in India.
