Hyderabad:
A woman from Nagaland was arrested from Vijaywada in Andhra Pradesh on Wednesday on charges of duping investors to the tune of Rs 11 crore through a money circulation scheme, police said.
Rosemary Jamir, secretary of Tropogan Farmers' Society from Dimapur in Nagaland, who is one of the accused in the case, was picked up from Vijayawada by a CID team, they said.
Rosemary had appointed 7 executive members for Andhra Pradesh for the purpose of collecting funds from unsuspecting investors, who in turn through the network of 52 agents amassed Rs 24.70 crore and disbursed Rs 13.70 crore to gain confidence of investors before winding up their firm and disappearing with Rs 11 crore.
An office was established at Dilshuknagar in Hyderabad which was maintained for about 8 months before it was shut down, police said.
According to police, Rosemary had entered into a partnership deed with the executive members in 2011 to share the proceeds to be collected from investors.
Lands and buildings were purchased by the executive members in and around Nellore and Krishna districts of the state.
CID has identified several properties in this regard, which will be attached, while further investigations are on, according to a CID release.