The police said that a 75-year-old retired ship captain in Mumbai has lost a staggering Rs 11.16 crore over four months in a cyber fraud scheme falsely promising lucrative returns on stock market investments, reported news agency PTI.

A history-sheeter, Kaif Ibrahim Mansuri, has been arrested and police have found 33 debit cards and 12 cheque books of different banks in his possession in connection with the cyber fraud case, an official said on Wednesday, reported PTI.