A woman, Pilla Ratna Kumari, who allegedly duped some 160 investors by luring them to invest in a fraudulent chit fund, was arrested by the police on Sunday night.
The police said that Ratna Kumari, resident of Jalaripeta area in the city, had collected around Rs. 90 lakh from gullible investors in the way of chit instalments and she did not repay the capital and interest to the investors.
Based on a complaint filed by one K. Dhana Raju, the police investigated the case and during the course of the investigation it was revealed that Ratna Kumari had purchased various movable and immovable properties with the money of the depositors.