Visakhapatnam: Varalaxmi, a resident of Marripalem in Sai Nagar, was arrested by the police on Monday for allegedly defrauding over 200 people in a chit fund scam. The victims had filed complaints at the commissioner's office, accusing Varalaxmi of scamming them out of an estimated Rs. 10 crore.
The investigation into the alleged chit fund fraud began after several victims approached the police with concerns over their investments. Many claimed to have been lured by the promise of substantial returns by Varalaxmi. However, they later discovered that their investments were not secure and the promised returns were not forthcoming.
The police swung into action and arrested Varalaxmi from her residence in Marripalem. During the arrest, they also seized relevant documents and evidence to aid in their ongoing investigation.
The police are calculating the exact liability amount, which is estimated to range between Rs. 15 and Rs. 18 crore, as more victims continue to come forward.
