India, July 7 -- A Malayali couple based in Bengaluru's Ramamurthy Nagar is at the centre of a massive chit fund scam, with over Rs.40 crore reportedly siphoned off from unsuspecting investors, Onmanorama reported.

Police have registered a case and launched an investigation after more than 260 complaints surfaced against the firm.

According to the report, the accused, Tommy A Varghese and his wife Shiny Tommy, were running a chit fund company named A & A Chit Funds in the area.

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The case was triggered by a complaint from investor PT Savio, who claimed he lost Rs.70 lakh in the scheme. Following his report, 265 additional investors have come...