The cyber cell of the Mumbai police (North region) has busted a racket and arrested 16 people, including two bank employees, after a Malad-based man was duped of Rs 34.14 lakh, in the past fortnight.

According to police sources, the accused had duped the victim by luring him into investing money in e-commerce platforms—which turned out to be fake— on the promise of getting a sizeable commission.