Police said Jagadish (40) of Visakhapatnam and Ramesh (39) of Rajahmundry were contacted over phone by an unidentified man, who said he was a loan agent from Arakkonam.
The duo said they required Rs 2 crore in loan, to which the man sought a commission of Rs 25 lakh.
When they accepted his demand, the man said he would arrange for the loan and contact them. On Friday, the two were asked to come to Arakkonam, which they did in their own
car. The agent then took them to a house in Kumpinipet for refreshment purposes, from where he said they would be taken to the bank.
When they were nearing Guruvarajapet, four persons dressed in police gear arrived in a car and blocked their path. Stating that they need to check the vehicle, the four conmen and the agent somehow managed to escape from the spot after taking Rs 25 lakh in cash from the victims. The duo lodged a complaint with the Arakkonam taluk police, who visited the scene of the crime and apprehended a youth in this connection. Further investigations are continuing.