Hyderabad: Woman financier cheats investors of Rs.1 crore in Uppal

According to the police, the suspect, K.Ramadevi (55), from Beerappaguda in Uppal, with the support of her children Naveen and Swathi collected amounts ranging from Rs.50,000 to Rs.1 lakh

Hyderabad: A woman financer allegedly cheated investors to the tune of Rs. 1 crore in the guise of investing in chit funds in Uppal here.

According to the police, the suspect, K.Ramadevi (55), from Beerappaguda in Uppal, with the support of her children Naveen and Swathi collected amounts ranging from Rs.50,000 to Rs.1 lakh from several persons promising good returns for investments in chit funds.

Police said many people, believing her, invested in the chit fund. However, after collecting nearly Rs.1 crore from investors, she did not return their money and went absconding a few days ago. She sold off her house too, police said.

The investors who realised they were cheated approached the Uppal police and lodged a complaint. A case was booked and investigation is on. Efforts are on to nab her.

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