Hyderabad: Vanasthalipuram police arrested a woman in an investment fraud case involving nearly Rs.6.5 crore collected through fake real estate investment and chit fund schemes.
Police identified the accused as Baddam Jyothi, 48, a resident of Kamalanagar in Vanasthalipuram. She originally belongs to Koheda in Abdullapurmet mandal.
According to Vanasthalipuram CI S. Ravibabu, the accused claimed that she was running a real estate business and promised returns of up to 10 percent on investments.
She also organised chit schemes among acquaintances. Initially, Jyothi paid profits and interest as promised. As a result, several people trusted her and invested money.
Investment fraud victims approached police
Police said Jyothi collected more than Rs.6.5 crore from nearly 10 victims in the Vanasthalipuram area since 2020.
Later, she allegedly stopped repayments and avoided the investors. Following this, victims realised they had been cheated and approached the police.
Based on the complaints, police registered a case and launched an investigation. Officers arrested the accused on Tuesday night.
During questioning, Jyothi reportedly admitted that she had collected money from several others in a similar manner.
Police conducted the investigation under the supervision of LB Nagar Zone DCP B. Anuradha and Vanasthalipuram ACP P. Kashireddy.
Officials later produced the accused before a court, which remanded her to judicial custody.