Chennai: A three-member gang cheated Rs 50 lakh from two brothers here, on Monday.
Mohammed Ibrahim (25) and his brother Mohammed Imam (24), who ran a leather business, used to often exchange currencies with a man named Bini.
The deal was that if the brothers gave Bini Rs 2,000 currencies worth Rs 5 lakh, they will return it in currencies of Rs 100, worth Rs 60 lakhs.
Bini would ask the men to meet him at various undisclosed locations in the city and a policeman, who has now been identified as a fake, would assure them that the deal was legal and safe, a police source said.
On Monday afternoon, Bini had asked the brothers to meet him at Mount Poonamallee high road. While the duo were speaking, two 'policemen' tried to run them over with a car. The Mohammed brothers managed to escape unhurt, after which they alerted the police.
SRMC police rushed to the spot and arrested Bini and the other 'policeman', while one managed to flee.
Bini has been identified as a history-sheeter from Nagapattinam, while the other was identified as Sathish Kumar.
The third person identified as Rasool Khan is also a history-sheeter who was released only three months ago, police sources said.
The SRMC police have formed three special teams to nab Rasool Khan. Investigations are also on to see if the money which was in exchange, is accounted for or not.