Bidhannagar City Police arrested two persons last week for their alleged involvement in an investment fraud.

According to police officers, a 34-year-old woman, a resident of Sector III in Salt Lake, reported the fraud.

The woman has alleged that she lost ₹1.27 crore after being convinced to invest in schemes that promised lucrative returns.

Two persons from Tamil Nadu were arrested after the police found that the bank accounts where the sum invested by the complainant was fraudulently siphoned off belonged to them.

Police identified the two as Venkatesh Dharuman, 43, and Devan M., 35.

Aadhar cards, PAN cards, two mobile phones, debit cards, and a jewellery store customer bill in the name of Devan M. were seized from them.

The police were investigating whether the two were part of a larger group.

“The arrested persons are the bank account holders where the money was credited and withdrawn through deposition of self-cheques,” said an officer of Bidhannagar City Police.

The duo, arrested from south India, was brought to Calcutta on Sunday on transit remand.

“They could be mule account holders and part of a larger racket, or they could be operating separately. All angles are being probed,” said a senior officer.