Los Angeles police are investigating two women in their 70s who they believe hatched a scheme to offer two homeless men shelter, then collect more than $2 million in insurance policies after they were killed in hit-and-run crashes.

Helen Golay, 75, and Olga Rutterschmidt, 72, were arrested for investigation of insurance fraud. They allegedly paid for the men to stay in apartments for as long as two years, police said. In exchange, police say, they obtained the victims' signatures and opened more than a dozen life insurance policies that named the women as beneficiaries.

In the November 1999 and June 2005 hit-and-runs, both victims were struck in alleys in the early morning hours and no witnesses were found, police said. In both cases, Golay and Rutterschmidt came forward claiming to be relatives or fiancees of the men. Golay and Rutterschmidt appeared in federal court and were ordered held without bail. They were indicted on eight counts of mail fraud for making false insurance claims and face up to 160 years in prison if convicted of all counts.