A 60-year-old man from Navi Mumbai has been cheated of Rs 58 lakh by cyber fraudsters, who lured him into investing in shares, the police said on Monday.

According to the police, the victim, a design consultant, was approached by the fraudsters in October with an enticing offer of lucrative returns on share investments. The suspects reportedly sent the man online links, which directed him to deposit money for the purported investments. However, when the man later tried to inquire about his funds and the expected returns, the fraudsters failed to provide any satisfactory response, prompting suspicion.