THANE: A 48-year-old man from Maharashtra's Thane was duped out of nearly Rs 3.96 crore through an online share trading fraud, officials said on Friday. The victim, who works as a senior manager in a private company, lost the money between May and October, they said.

In his police complaint, the man said he was approached by three persons -- one Shankar Ramrakhiyanai, an administrator of a WhatsApp group claiming to be linked to a securities company, and a woman identified as Suraksha.

The accused coaxed him to invest in shares and various equity market transactions, promising high returns, an official said.

Trusting their assurances, the man transferred about Rs 3.96 crore into several bank accounts.

The accused created an impression of legitimacy through trading links and structured schemes. Once the funds were transferred, they cut off communication.

"We are verifying all digital and financial trails," said an official. The Cyber police station in Thane city registered a case on Wednesday, he said, adding that a probe is underway.