Using a similar modus operandi, the accused had duped another Bengaluru-based businessman of ?1.4 lakh in January this year.
The victim transferred ?30 lakh to the bank account expecting to get 100 litres of flouride extract.
A city-based businessman approached the duo, who asked him to buy chemicals in large quantities as the first step to set up the branch office.
However, as soon as the money was transferred, the accused switched off their phones.
The accused — Aakash V. Goni, 39, and Surendra Rangad Puran, 42 — are from Mumbai.
Stay updated with all the Bangalore Latest News headlines here. For more exclusive & live news updates from all around India, stay connected with NYOOOZ.