Hyderabad: A 48-year-old woman from Vanasthalipuram was arrested on charges of cheating several people of 6.5 crore under the guise of offering real estate deals and chit fund investment opportunities.Police said the accused, Badam Jyothi, was on the run since 2020 and was finally apprehended on Tuesday (April 28). She was remanded to judicial custody. Vanasthalipuram police said Jyothi was in the real estate business for nine years and also ran chit funds among acquaintances. Police said she allegedly lured victims by promising high returns on real estate investments and initially paid returns to gain their confidence. As trust grew, more people started investing money with Jyothi.Police said she cheated around 10 persons in the Vanasthalipuram area of nearly Rs 6.5 crore and was suspected to have collected money from several others as well.A case was registered against her under sections 318(4), 316(2) r/w 3(5) of the BNS and section 76 of the Chit Funds Act, 1982.Further investigation into the incident was underway.
