The accused used to offer US dollars at much lower rates and then flee after taking the Indian currency from their victims.
The arrested include Rahim Sheikh (21) of Bulandshahar, UP and Ajruddin (22) from Aligarh.
A total of six cases involving such cheating were registered at various police stations including Sarai Rohilla, Gandhi Nagar and Geeta Colony which have been solved with the arrest of the accused.
Acting on a tip off that members of the cheating gang would assemble near Nangloi Metro Station for committing a crime, a police team was constituted.
Police claimed to have recovered a total of 105 US dollars from their possession.
Police said on interrogation, the accused confessed to their involvement in the crimes and were subsequently arrested under various sections of the law.
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