A woman, head of a chit fund company, was arrested by the Commissionerate Police from Khandagiri on Friday for cheating investors of the city and Rayagada district by promising hefty returns. The accused identified as Mamata Nayak was running a chit fund company Forward Finance at Khandagiri in the city. Police sources said Mamata had duped investors of at least Rs40 lakh in various schemes promising them to double the amounts on their deposits. After she failed to return the deposited money, a case was registered against her. The police arrested Mamata after acting on the complaint filed by many investors from the city as well as Rayagada.