Chit Fund Scam in Bengaluru: Kerala Couple Tomy and Shini Varghese Pull Off ‘Phir Hera Pheri’ Style Fraud, Go Missing After Duping Investors of Over INR 100 Crore; Probe Launched
A case seemingly straight out of the famous Bollywood movie "Phir Hera Pheri" has come to light, involving a Malayali couple who allegedly duped hundreds in a massive chit fund scam. Tomy A Varghese and Shini Tomy, residents of Bengaluru’s Ramamurthy Nagar, are accused of luring investors with promises of high returns through their firm, A&A Chits and Finance.
Bengaluru, July 10: A case seemingly straight out of the famous Bollywood movie "Phir Hera Pheri" has come to light, involving a Malayali couple who allegedly duped hundreds in a massive chit fund scam. Tomy A Varghese and Shini Tomy, residents of Bengaluru’s Ramamurthy Nagar, are accused of luring investors with promises of high returns through their firm, A&A Chits and Finance. The couple, originally from Kerala, built trust within the Malayali community by actively participating in religious and social events. But after collecting deposits reportedly worth over INR 100 crore, they mysteriously vanished.
According to an Onmanorama report, the scam came to light after a lone complaint from a pensioner in Peroor, Kottayam, who alleged losing a substantial amount in the chit fund. Following this, nearly 289 investors approached the Ramamurthy Nagar police station with similar complaints, revealing that the total amount involved could exceed INR 100 crore. Many investors said they were introduced to the scheme through family or friends and were attracted by the promised returns of 12 to 13%. The firm regularly paid interest on time, which helped build trust and encouraged further investments. What Is a Rental Scam? Here’s How Fraudsters in Bengaluru Target Renters With Fake Property Deals.
However, when the couple went missing in late June, panic spread among the depositors. The couple had been running their chit fund business for several years, starting with small deposits collected door-to-door before expanding operations to a dedicated office in Mangaluru. They also launched a website to promote their schemes, which promised that the investments were regulated by the Registrar of Chits and backed by RBI guidelines. A&A Chits and Finance offered various plans starting from INR 5,000 to INR 20,000, and often pushed investors to roll over matured funds into higher-interest schemes. Investment Scam in Bengaluru: Woman Defrauded of INR 2 Crore in ‘High Return’ Stock Trading Scheme.
Many longtime investors, including entire families, said they never suspected any wrongdoing due to the couple’s active community presence. After the collapse, the police began investigating the case and gathering statements from the depositors. DCP D Devaraja of Bengaluru’s East Division confirmed that over 100 first responders are involved in probing the extent of the scam and tracing the missing couple. Tomy reportedly told investors he had to visit Kerala due to a family emergency, but has since become unreachable. Meanwhile, the couple’s home in Kerala’s Alappuzha district remains abandoned, and their Bengaluru apartment is said to have been sold.
(The above story first appeared on LatestLY on Jul 10, 2025 04:28 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).