Bengaluru: A Malayali couple has been accused of defrauding investors of crores through a chit fund scheme operated in Bengaluru. The duo, A V Tomy, a native of Ramankari in Alappuzha, and his wife Shiny Tomy, allegedly ran A&A Chit Fund and Finance in Ramamurthy Nagar. A case has been registered against them by the Ramamurthy Nagar police.

The couple has reportedly been missing since Wednesday. It is believed they vanished after selling their house and vehicle. Their phones remain switched off.

While a few employees were found at the firm’s office, they claimed to be unaware of the couple's whereabouts. Concerned investors approached the police following their disappearance. The first complaint was lodged by a retired employee from Ramamurthy Nagar, who stated that he had invested Rs 70 lakh in the company, a sum that included both his and wife’s retirement savings, as well as funds borrowed from relatives and friends.

Speculation arose that the couple may have absconded with the money.

By Sunday evening, police had received complaints from 265 individuals. Preliminary estimates suggest the scale of the alleged fraud could be as high as Rs 100 crore.

Most of the victims are reportedly Malayalis, who said they were convinced to invest due to the couple’s connections with Malayali community organisations. The chit-fund firm is said to have been operating for over 25 years.