A 60-year-old man and eight others from Maharashtra's Thane district allegedly lost Rs 1.23 crore to fraudsters who lured them to invest in share trading, promising him lucrative returns, police said on Friday, reported news agency PTI.

Based on a complaint, the police have registered a case against three persons under sections 318(4) (cheating), 316(2) (criminal breach of trust) and other relevant provisions of the Bharatiya Nyaya Sanhita (BNS) and the Maharashtra Protection of Interest of Depositors (MPID) Act, an official said.