Naga Woman Held From AP For Conning Investors of Rs11 crore

 Hyderabad, Aug 2 : Rosemary Jamir, secretary of Tragopan Farmers' Society from Dimapur in Nagaland, collected Rs24.7 crore through seven agents in AP, disbursed Rs13.7 crore to gain investor's confidence and then disappeared with Rs11 crore

 A woman from Nagaland has been arrested from Vijaywada in Andhra Pradesh on charge of duping investors to the tune of Rs11 crore through a money circulation scheme, reports PTI quoting police.

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 seven executive members for Andhra Pradesh for the purpose of collecting funds from unsuspecting investors, who in turn through the network of 52 agents amassed Rs24.70 crore and disbursed Rs13.70 crore to gain confidence of investors before winding up their firm and disappearing with Rs11 crore.

An office was established at Dilshuknagar here which was maintained for about eight 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.