LB Nagar police arrest woman in ₹6.5 crore fraud
HYDERABAD: Police arrested Baddam Jyothi Reddy in a cheating case linked to real estate and chit fund operations and remanded her to judicial custody. Officials did not disclose details to the media at the time of arrest and issued a press note only after the remand.
Investigators said the number of victims is still unclear.
Real estate, chit schemes used to gain trust
According to police, Jyothi Reddy ran real estate dealings and chit funds, gaining the confidence of investors before allegedly cheating them of about ₹6.5 crore.
She lived in Kamala Nagar in Vanasthalipuram and had been engaged in real estate business for nine years. Police said she also operated chit schemes among known contacts and initially paid returns to build credibility.
Cheated investors, fled in 2020
From 2020, she allegedly collected money from around 10 people in the Vanasthalipuram area on the promise of real estate investments and later fled after cheating them of about ₹6.5 crore.
Police said she admitted to collecting funds from several others as well in the name of real estate ventures and chit schemes.
