A couple coming from Kerala and residing in Bengalur fled to Kenya in East Africa after reportedly cheating hundreds of fraud, said the police commissioner (Bengaluru East), D Devaraja. Police registered a complaint and initiated an investigation after more than 400 complaints – mainly from Kerala – against them.
The couple, identified as Tom and Shiny, operated A&A Chits and finance, which promised a high investor’s yield. The couple was in business for about 25 years and lured customers with revenues ranging from 15 to 20 percent. The Chit Fund is a rotating economical and credit system where a group of people regularly contributes a fixed amount. In each cycle, one member receives a total collection either by auction or draw.
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D Devaraja also revealed that the couple had destroyed the moving and impossible assets that it owned before it disappeared. “They sold their house and cars below the market price to different people. The total number of complaints received is still more than 400. The total cheated is almost £40 crore. Most complaints come from Kerala. The defendant left the country for Kenya 3. On a tourist visa. Now we are going through bank data and financial transactions, ”he said.
The first information report was registered against the duo under BNS 318, 317, the Chit Funds Act and various parts of the Bud Act (Prohibition of the Unregulated Deposit Systems, 2019).
“We were cheated during the RCB victory celebrations”
Destroyed investors came and shared the accused family disappeared without a trace during the celebration of the “Royal Challengers Bengalur (RCB).
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Navina, one of the victims, told the news agency or: “We met the Commissioner because we became victims of fraud.
She also revealed that, despite their efforts, the situation remains uncertain. “The bank says their house is under a loan and their properties are now attached. What are we doing now? The accused this fund Chit has led for 23 years and gained confidence of so many people. Nearly 700 families have invested in the name of trust. £10 lakh. ”
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Another investor who claimed to know the family for almost 30 years, told the press agency: “I invested £30 lakh. We have trusted them for decades, but the whole family cheated on us. They cheated about 700 people. We even met DK Shivakumar and Minister of the Interior who were looking for help. ”
As a couple pulled a fraud with a multi-corrore
Tomy and Shiny operated Chit Fund called A&A Chits and Finance, where they promised people a high yield of 15-20 % for their savings.
First they gained people’s confidence by paying the promised returns in time. This encouraged more people to invest larger amounts, even using money saved for important things such as children’s education, treatment and wedding expenses. Some people even sold their properties to invest.
But recently a couple stopped paying revenues and turned off their phones. They closed their office and disappeared, so investors couldn’t achieve.
The police claim that more than 400 people filed complaints and claimed that they had lost a huge amount of money. NDTV reports that the company faced a great financial crisis that probably caused collapse.
(Tagstotranslate) Bangalore News
