Bengaluru police investigate couple for chit fund fraud

thehindu.com [$]

A couple running a chit fund is facing a police investigation after being accused of cheating hundreds of investors. The couple allegedly defrauded customers out of crores of rupees. The Ramamurthy Nagar police filed a First Information Report (FIR) on Saturday, July 5, against Tomy A.V. and Shiny Tomy, owners of A&A Chit Fund and Finance. The complaint was filed by a victim who claimed to have lost ₹70 lakh. The couple, who promised 25% returns, had been operating the fund since 2005. They are now reportedly absconding, and the police have invoked multiple laws, including the Chit Funds Act.


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Bengaluru police investigate couple for chit fund fraud | News Minimalist