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The woman was identified as Benita Gift Agene while her co-accused, also a Nigerian, was identified as Izunna Paul Uzomo, 34. They were arrested last week.
The police said the 33-year-old complainant received a friend request from a female profile on Facebook on August 24. He accepted the request and subsequently the two started chatting with each other.
The accused allegedly lured the investors by promising 7-10 per cent interest, which he paid initially but later defaulted. EOW sources said the number of investors duped may go up in the coming days.
According to the complainant, Ajaykumar Gupta, 51, who runs a Kirana Store in Goregaon (East), he kept his lifetime savings with the accused credit society after being promised a lucrative interest rate
Further probe is on to find her other possible targets, said police.