The accused, Shivanand Lavand, was arrested after an FIR was registered at Agripada police station on January 17 based on a complaint filed by one Rajendra Maddewad, who hails from Latur district in Maharashtra, police said.
According to the Maddewad, Lavand had assured him and his friend, who is from Mumbai that she would use her influence to help their daughters get admission in a reputed private college in Mumbai.
As she could not return the cash, Maddewad approached the police and registered a complaint accusing her of cheating.
"Lavand has an assistant, who took away the cash. The assistant is wanted in the case," said an officer.