G Ratna Kumari and R Pandu collected money from the people, offering them high returns, police said.
They told the investors that they would also get commission if they could enrol others in the scheme.
They paid interest at a high rate initially, which lured many more investors. Afterwards, both became untraceable.
After receiving complaints, cyber crime cell officers arrested Kumari and Pandu and seized Rs 23 lakh.