Imagine this: You spend years hustling, saving every rupee, and then poof! Your entire life’s savings gone, thanks to someone you once invited over for chai. That’s the nightmarish plot twist over 1,000 investors in Bengaluru faced, after a couple, trusted by many, pulled a vanishing act worthy of a filmi villain, taking off with a jaw-dropping ₹40 crore. Plot ka twist? They ditched Namma Bengaluru for, of all places, Kenya! Ready for this saga of deception, heartbreak, and epic kya scene hai?
Image courtesy: iStock
1. Scam 101: Not Your Average Auntie’s Kitty Party
Meet Tomy A Varghese and Shini Tomy, the Alappuzha-born, Bengaluru-based couple behind A&A Chit Funds and Finance. Since 2005, they played the ‘friendly neighborhood investor’ card, promising 15-20% returns, basically, ‘invest and chill’ vibes for two decades. As the trust piled up, so did their investor list and (unknowingly, for the victims) a long con. Come July 2025, they “liquidated” everything and scooted off to Kenya, leaving investors to meme, “Kitna paisa gaya, pata hi nahi chala!”
Image courtesy: Tranquil Kilimanjaro
2. Broken Hearts Club: Investors Who Never Saw It Coming
If you think only big shots lost out, think again. Folks like 64-year-old P.T. Savio, who put his family’s ₹70 lakh into the fund, watched their dreams evaporate overnight. Many were Malayalis living in Bengaluru, who trusted Tomy and Shini because, well, Malayali solidarity is real (except when it’s not). The betrayal stings even more because these weren’t just financial transactions; they were rooted in trust, Sunday lunches, and those casual “investment advice” WhatsApp forwards. For many, the emotional hangover is worse than the financial one.
Image courtesy: Shutterstock Editorial
3. Chit Funds: Outdated AF or Just Mera Jugaad?
For the uninitiated, chit funds are like old-school Mutual Funds, but with more intrigue and less SEBI drama. A bunch of people pool money, bid for the pot, and hope for the best. It’s jugaad finance: simple, social, but also super risky if Uncle-Ji running it thinks he’s Bond-villain material. The real fail? Regulatory gaps are bigger than that pothole outside your house, making these legendary scams “too easy.” It’s 2025, and we still have Chit Fund Acts from the ‘80s? Bro, update toh kar lo! The call for modern rules and nationwide investor education isn’t just a suggestion; it’s a battle cry.
4. Where’s the Action? The Thirst for Justice
Bengaluru police, hats off for registering cases asap. But catching a scammer chilling in Kenya isn’t a Netflix heist episode; it’s loads of paperwork, international calls, etc. Extradition? Good luck, yaar; it’s ‘buffering’ just like your WiFi on a rainy day. Meanwhile, victims are banding together, staging protests, and literally marching for justice outside the courts.
The Bengaluru chit fund scam is a brutal wake-up call, reminding us that trust, without checks, can be very expensive.
