India, April 30 -- The North Cyber police on Monday arrested three men from Bandra for allegedly committing fraud by luring people into investing money in their fake online trading company. The three accused are said to have duped several people of amounts worth crores of rupees.

The cyber police said that the fraud was first reported in February by a 49-year-old man from Kandivali. He had lost Rs.2.77 crore which he had invested in IIFL Markets, a company floated by three accused identified as Krishak Shirodkar, 38, Krishna Gawli, 24, and Sohail Shaikh, 30.

According to the police, the complainant learnt about the trading platform through social media. He was then added to a WhatsApp group called K05-IIFL Securities Ltd for tips on the...