Two persons allegedly cheated a 48-year-old man from Maharashtra's Thane city of ₹40.99 lakh in a fake online trading scheme, police said on Monday.
As per the victim's complaint, he came across a trading advertisement on Facebook and while pursuing it, he was added to a WhatsApp group where he was guided by fraudsters to invest in IPOs.
He transferred ₹40,99,814 to some bank accounts in May and June this year. His accounts later reflected his investment had risen to ₹88,39,072, but he was unable to withdraw the amount.
When the fraudsters asked him to pay 20 per cent of the amount as tax, the man realised he was cheated, an official from Vartak Nagar police station said.
After the victim's efforts to recover the money failed, he approached the police.
Based on his complaint, the police on Sunday registered an FIR against two persons, including a woman, under sections 318(4) (cheating) and 3(5) (common intention) of the Bharatiya Nyaya Sanhita as well as provisions of the Information Technology Act, the official said.