The duo was identified as 25-year-old Sandeep, who has a diploma in Electronics and Communication from Delhi University, and 22-year-old Ayush Dixit.
During interrogation, they admitted to have cheated about 350 persons from the different parts of Delhi over Rs 50 lakhs approximately.
The accused persons further induced the complainant to provide them various documents and Rs 20,000 as the loan processing fee.
Police also said that the duo operated from a three BHK flat in Rohini.
During investigations, the police team made consistent efforts, and both the accused were arrested based on a secret input.