₹26.5 Crore Chit Fund Scam: Woman Held in Vanasthalipuram
HYDERABAD: Vanasthalipuram police arrested a 48-year-old woman for allegedly cheating multiple investors of nearly ₹26.5 crore through chit fund and real estate schemes.
The accused, identified as Baddam Jyothi of Kamala Nagar, had been running chit funds and real estate ventures for nearly a decade, police said. She allegedly built credibility by offering attractive returns and paying profits to initial investors.
Lured investors with high returns since 2020
Police said that since 2020, Jyothi persuaded at least 10 people to invest large sums, promising high returns. Over time, she collected nearly ₹26.5 crore before going on the run.
During interrogation, she reportedly confessed to collecting money from several others, indicating that the number of victims could rise. So far, 11 victims have approached police and three complaints have been registered.
A case was booked under Sections 318(4) and 316(2) read with 3(5) of the Bharatiya Nyaya Sanhita and Section 76 of the Chit Funds Act, 1982.
Police team traces accused after specific inputs
Acting on specific inputs, police traced and arrested Jyothi. She was produced before a court and remanded to judicial custody.
The operation was carried out under the supervision of LB Nagar DCP B. Anuradha and Vanasthalipuram ACP P. Kashi Reddy. SHO S. Ravi Babu, SI D. Nagaraju, and staff members Madhavi and Venkata Ramulu were part of the team.
Police said further investigation is under way to identify additional victims and recover the defrauded amount.
