Chit fund scam
A couple from Kerala have escaped from the country by cheating crores of rupees from hundreds of investors. The couple Tommy A Varghese (57) and Shiney Tommy (52) were running a company in Ramamurthy Nagar area of Bangalore, who lured people to give thick profits every month. His company’s name is A&A Chits and Finance and it is accused of cheating about Rs 40 crore from about 368 investors.
It is believed that this couple has now fled to Kenya. In recent months, when investors stopped paying money, people were cautious. After this, an elderly investor, who lost Rs 70 lakh, complained to the police. Two days before the complaint was filed, the couple left the country and fled.
Used to do this work to convince
According to the complaints, the couple had been running this firm for the last 25 years and was implicating people by luring them to about 15%. Many people had put the entire deposit of their lives in it, some had sold their property so that they could get more money. For many years, the firm had really won confidence by giving profits, but in the last few months the situation deteriorated and fear and nervousness spread among the investors.
750 people made their victims
It is believed that the couple sold their properties before escaping. His apartment was also sold in Krishnarajpuram, Bengaluru. In this case, the police have registered an FIR and started searching to catch the couple and get the cheated money back.
During the investigation, the police is investigating the financial records and evidence related to the company. More than 350 people have gone to the police station and recorded their statements. Police believe that about 750 investors have been cheated, but many people have not yet come forward or they do not know that they have been cheated.
What is chit fund?
Chit fund is India’s traditional savings and borrowing scheme. In this, some people form a group and deposit the fixed amount every month. Then every month this deposit is given to a member of the group. This money is decided through lottery or dialect (auction) who will get it. There is also another form of this, in which fraudsters make up a company and invest money in it and give investors the assurance of coarse return every month, in which they also give money to investors for a few months, but finally they are relieved with all the money.