Police have charged a woman in an alleged Ponzi scheme that took almost $2 million from 49 local investors.

The woman, 42, is accused of running an investment operation between between February 2009 and May 2012, luring investors in with unusually high returns.

She was given just over 1.8 million dollars, and police say there is no evidence that any of that money was actually invested. A small amount has been recovered.

The woman is charged with two counts of fraud over $5,000. She is set to appear in court at the end of April.