A 48-year-old woman from Vanasthalipuram in Hyderabad was arrested on charges of cheating several people out of Rs 6.5 crore under the guise of offering real estate deals and chit fund investment opportunities.
Accused Apprehended After Years on the Run
Police identified the accused as Badam Jyothi, who had been evading arrest since 2020. She was finally apprehended on Tuesday (April 28) and subsequently remanded to judicial custody.
Modus Operandi of the Scam
According to Vanasthalipuram police, Jyothi had been involved in the real estate business for nine years and also operated chit funds among her acquaintances. She allegedly lured victims by promising high returns on real estate investments. Initially, she paid returns to gain their confidence, which encouraged more people to invest money with her.
Police stated that she cheated approximately 10 individuals in the Vanasthalipuram area of nearly Rs 6.5 crore. It is suspected that she collected money from several other victims as well.
Legal Action Taken
A case was registered against her under sections 318(4), 316(2) read with 3(5) of the BNS and section 76 of the Chit Funds Act, 1982. Further investigation into the incident is underway.
Authorities are continuing to probe the matter to identify any additional victims or accomplices involved in the fraudulent scheme.
