Two people, including a hotel waiter, have been arrested in Navi Mumbai for allegedly cheating people of more than Rs 3.70 crore on the pretext of online share market investment, police said on Monday.

The duo, Salman Nizamuddin Khan, 35, the waiter, and Prakash Karamsi Bhanushali, 39, both from Navi Mumbai, were also involved in another case of fraud, said senior inspector Gajanan Kadam of the cyber police in an official release.