A 62-year-old man from Maharashtra's Thane city was allegedly cheated to the tune of Rs 16.73 lakh by seven persons posing as insurance and bank officials, the police said on Monday, reported the PTI.

An offence under section 420 (cheating) and other relevant provisions of the Indian Penal Code was registered based on a complaint lodged by the victim- a retired postal department employee, an official told the PTI.