The victim woman is Shoma Rani Das, wife of Sanjib Das of the village.
A case was filed against money lender Dipti Begum after a video clip of the incident went viral on social media platform Facebook. Police also arrested the woman.
Officer-in-charge (OC) of Ullapara Model Police Station Deepak Kumar Das said Shoma took a loan of Tk 50,000 from Dipti Begum, daughter of Abdul Quader.
As Shoma failed to pay interest of the loan on time due to financial instability, Dipti Begum and her men tortured Shoma Rani by tying her to a tree on Wednesday afternoon.
The incident was filmed by some local youths which went viral on social media.
After hearing the incident, the OC went to the spot, rescued the tortured housewife and took her to the police station.
Main accused Dipti was arrested after Shoma filed a case against 4 people.
Dipti Begum, a very influential money lender in the area, has been lending money at high interest rates for a long time, local people said after her arrest.
They said when they fail to pay interest, they are tortured in various ways, the OC said.
Also read: Housewife tied to a tree, tortured over trivial matter in Joypurhat