Mumbai: A garment business owner has been arrested after a 73-year-old businessman from Mumbai fell prey to an online investment fraud and ended up losing Rs 3.61 crore, police told PTI on Wednesday.

The Cyber Police have so far frozen an amount of ₹ 2.20 crore and 330 bank accounts, an official told PTI.

The Alleged transactions took place between May 20 and October 7 last year after the businessman was contacted by three persons, including two women, online who allured him to invest in a scheme by promising huge returns, the official told PTI.

The victim invested ₹ 3.61 crore. As he didn’t get any returns on his investment, he approached the West Region Cyber Police Station in Bandra Kurla Complex (BKC) and lodged a complaint.

Accorging to officials “During the investigation, the cyber police froze ₹ 2.20 crore which had been diverted into two bank accounts. Prima facie, as many as 330 bank accounts used by fraudsters have also been frozen,” PTI reported.