A 67-year-old former managing director of a multinational company has allegedly been duped of Rs 4.80 crore by online fraudsters in Thane who accused him of being involved in drug trafficking and threatened police action against him, an official of the Thane crime branch said, reported news agency PTI.

An FIR was registered on Saturday in this connection by the Thane police's cyber cell against three persons, he said on Monday.