India, Oct. 9 -- A 56-year-old Colaba travel agency owner lost Rs.4.92 crore after falling for an online share-trading investment scam in which cyber criminals first allowed him to withdraw Rs.2.97 lakh in purported profits to win his confidence, before blocking his access to his money, police said.

So convinced was the man that the investment platform was genuine that he even encouraged a 48-year-old staff member to invest through it. The employee ended up losing around Rs.10 lakh, according to the police.

The complainant, who runs a tour operating and travel agency in Colaba, does not have experience in share-market investments, although he invests in SIPs and mutual funds.

According to the South Cyber police, the man came across an ...