A 50-year-old woman, alleged drug peddler, has been arrested with heroin worth Rs 3.08 crore by the Anti-Narcotics Cell (ANC) of Mumbai Police, an official said on Friday.

Acting on a tip-off, the Worli unit of the ANC laid a trap and arrested Saraswati Parma Naidu at Princes Street in Kalbadevi in central Mumbai on Thursday afternoon, he said.