Mumbai: A 75-year-old retired ship captain from Mumbai has fallen victim to a cyber fraud scheme falsely promising lucrative returns on stock market investments, losing a staggering Rs 11.16 crore between August and November this year, police said on Wednesday.

Police arrested one Kaif Ibrahim Mansuri, a history-sheeter, and found 33 debit cards and 12 chequebooks belonging to different banks in his possession in connection with the cyber fraud case, an official said.

The victim, who had a keen interest in stock market investments, was lured by fraudsters with promises of hefty returns on investments in stocks.

Initially, the victim saw profits in his online investment account. However, when he attempted to withdraw his earnings, he was told to pay a 20 per cent service tax fee. Realising he had been scammed, the victim lodged a complaint with the South Cyber Police Station, the official said.

“Between August to November this year the victim was duped of a staggering Rs 11.16 crore,” police stated.

During the investigation, authorities uncovered that the fraudsters had used multiple bank accounts to siphon off the funds. The victim had made 22 transactions, transferring money to these accounts. Upon tracking two accounts, the police discovered a withdrawal of Rs 6 lakh via cheque by a woman who had provided a PAN card for KYC verification.

The woman, when questioned, admitted to withdrawing the money on the instructions of Kaif Ibrahim Mansuri.

Police arrested Mansuri in South Mumbai, finding him in possession of 33 debit cards linked to 12 different bank accounts, which had been used to transfer Rs 44 lakh from the victim’s funds.

Further investigations are underway, officials said.