A 44-year-old man from Thane, Navi Mumbai, was allegedly duped of Rs 45.6 lakh by cyber fraudsters who lured him to invest in share trading, police said on Saturday.

Cyber ​​police on Thursday registered a case against six people under sections 419 (cheating), 406 (criminal breach of trust) and other relevant provisions of the Indian Penal Code and the Information Technology (IT) Act, an official said.

The complainant, a Panvel resident, found a link titled "Stock Loss Recovery" on Instagram and it was forwarded to various groups involved in stock market trading, he said.

The officer said the complainant started share trading and invested Rs 47 lakh in March and April.

There was a balance of Rs 98 lakh in the complainant's account including profits earned from trading. But when he tried to withdraw the earnings, he was asked to pay 18 per cent of his profits, about Rs 7 lakh, he said.

Despite fulfilling the demand, the victim discovered that excess money was being withdrawn from his account without permission, the officer said.

The complainant managed to get back Rs 1.30 lakh, but could not recover Rs 45.6 lakh, he said.