The police on Monday said that two persons allegedly cheated a 48-year-old man from Maharashtra's Thane city of Rs 40.99 lakh in a fake online trading scheme, reported news agency PTI.

As per the victim's complaint, he came across a trading advertisement on Facebook and while pursuing it, he was added to a WhatsApp group where he was guided by fraudsters to invest in IPOs.

He transferred Rs 40,99,814 to some bank accounts in May and June this year. His accounts later reflected his investment had risen to Rs 88,39,072, but he was unable to withdraw the amount, reported PTI.