Mumbai: Mumbai Police's cyber cell has succeeded in recovering over Rs 1 crore from two city residents who were victims of online investment fraud, an official said on Friday.

After the complaint was registered on Thursday, the police took swift action in two separate cases and contacted bank officials to stop a total of Rs 1.02 crore from being transferred to the accounts of unknown criminals, he said.

In both cases, the complainants were contacted by fraudsters who offered high returns on stock market investments.

While one complainant deposited Rs 1.80 crore through online transactions as per the instructions of the fraudsters, the other transferred Rs 2.29 crore.

After realizing they were cheated, they immediately contacted the cyber cell helpline '1930', which helped the police at least partially get their money back, the officer said, adding that the culprits were identified and Investigation is going on to catch them.

He said that people should not fall victim to dubious offers of investing in the stock market and in case of fraud, they should contact the cyber cell helpline without wasting time.