New Delhi, Jan 15 (PTI) A man was allegedly duped of Rs 47.6 lakh here by fraudsters posing as officials of a private financial company who claimed to provide high returns on shares, police said on Wednesday.

Both the accused were apprehended -- one from Pune and the other from Vadodara, they said.

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According to police, the case was registered on January 1 on the complaint of Rafat Masood, a resident of Maujpur in northeast Delhi.

Masood reported being duped by an individual impersonating an official from a private financial company. The fraudster, posing as a share market expert on social media, promised him high return on investment.

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The victim transferred Rs 47.6 lakh to various bank accounts over a month. When he requested a refund, the fraudsters cut all contact with him, a police officer said.

Police said they registered an FIR and a team was formed to probe the case. Shrikant R Bhosale (37) was then apprehended from Pune. Based on his statement, Ayaz Patel (31), based in Vadodara, was also apprehended.

During interrogation, police found that Patel allegedly managed a network of cyberfraud remotely from a call centre in Malaysia. Shrikant provided bank accounts for siphoning off the funds, which Patel controlled from abroad, police said.

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