A 72-year-old retired railway employee has lost Rs 7.38 lakh to cyber fraudsters who tricked him to share confidential details by claiming that his bank account was blocked for want of KYC update, a Thane district police official said on Wednesday.

The complainant received a call on February 4 and the caller told him that his bank account was being blocked as he had not updated mandatory KYC (Know Your Customer) documents.