India, Jan. 23 -- A 68-year-old businessman from Churchgate was duped of Rs.10.98 crore by cyber fraudsters who lured him into a fake online investment scheme promising high returns.

According to the police, the complainant, who owns a logistics firm and lives on Maharshi Karve Road, is a regular stock market investor and was exploring alternative investment avenues when he came across one Mohan Sharma, who claimed that his firm offered high-profit investment opportunities in both Indian and American stock markets and persuaded the victim to join a WhatsApp group titled Trader Titan VIP Group.

In the group, members regularly shared screenshots and messages claiming massive profits earned through stock market "tips". Inspired by the appa...