Noida: Cyber fraudsters allegedly duped a man of Rs 56.88 lakh in Uttar Pradesh’s Gautam Buddha Nagar district on the pretext of helping him earn huge profits by investing in the stock market, police said on Saturday.

The victim, Anil Raina, a railway officer, lodged an FIR at the district’s cyber crime police station on Friday, said Inspector-in-charge Vijay Kumar Gautam.

In his complaint, Raina said he received a message tempting him with the opportunity to earn huge profits by investing in the stock market.

According to the complaint, the accused showed Raina significant profits from the alleged investment in the initial phase and persuaded him to transfer Rs 56.88 lakh in several installments, Gautam said.

Raina saw his amount growing substantially but the fraudster then told him that the money would only be returned if he deposited more, the inspector said.

At that point, he became suspicious and contacted the police last night, he added.

The matter is under investigation, and the bank accounts into which the victim sent the money are also being examined, Gautam said.