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Kerala couple flee after cheating over ₹50 crore through…

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activePonzi / Investment SchemeKarnataka

Kerala couple flee after cheating over ₹50 crore through chit fund schemes in Bengaluru

A couple from Kerala operating a chit fund and finance business in Bengaluru has allegedly fled after cheating over 1,300 investors out of more than ₹50 crore, according to police reports. The accused couple had reportedly lived in Bengaluru for a long time and ran their firm in the Ramamurthy Nagar area since around 2005. A majority of the affected investors are also from Kerala.

State

Karnataka

First reported

July 2025

Amount alleged

₹50 crore

Agency involved

Ramamurthy Nagar Police

Arrests

None reported yet; manhunt underway

Charges or sections cited

Chit Funds Act, Banning of Unregulated Deposit Schemes Ordinance, and BNS sections for cheating and criminal breach of trust

Status

Police have received 265 formal complaints and launched a manhunt for the missing couple.

The full story

Everything you need to know about this case, in one place.

The fraud came to light when an investor who claimed a loss of ₹70 lakh approached the Ramamurthy Nagar police station. After this initial report, the firm's office was found locked and the couple could not be reached, prompting numerous other investors to come forward with grievances. Investigators stated that the couple sold their apartment, switched off their phones, and disappeared.

Law enforcement authorities have registered a formal case against the proprietors under the Chit Funds Act, the Banning of Unregulated Deposit Schemes Ordinance, and relevant sections of the Bharatiya Nyaya Sanhita concerning cheating and criminal breach of trust. Police have launched a manhunt to locate the accused and noted that the total financial loss could be even higher than currently estimated.

Not yet reported: The articles do not mention the final total amount recovered or the court proceedings regarding the case.

Where the case stands

The latest position in the reports we read.

Police have registered a case, received 265 formal complaints, and launched a manhunt to trace the missing couple.

Who was affected

Described in general terms; we do not name victims.

More than 1,300 investors, a majority of whom are Keralites residing in Bengaluru, were affected by the alleged scam.

Timeline

Key dates as reported, oldest first.

Around 2005The accused couple reportedly started their chit fund and finance business in Bengaluru.

July 5An investor approached the Ramamurthy Nagar police station to file a complaint after losing money.

WednesdayPolice reported that the couple had fled after allegedly cheating investors of over ₹50 crore.

How the scam worked

The method described in the reports.

The accused operated a chit fund and finance company in Bengaluru for nearly two decades.
They collected money from investors through various deposit and chit schemes.
They lured participants by promising high returns on their investments.
The operation eventually collapsed when the couple closed their office, sold their apartment, and fled.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

thehindu.comOriginal report The HinduOpens via Google News

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