Anil Parshad Kushwaha (28) and Jai Parkash Sharma (24) were arrested by the Central district police in the last couple of days.
Police claimed to have solved two cases of cheating with these arrests.
Cash of Rs 2,000 and six fake bundles of paper cut in the shape of currency notes which had one original note of Rs 100 on top and another at the bottom was seized from them.
"For the last few months, some incidents of cheating with common depositors were being committed in banks in all over Delhi and especially in Central district. The gang would target persons who come in banks to deposit their cash and are not well versed with the procedure of depositing money," said DCP (Central) Parmaditya.
Following a spate of such incidents, a police team extensively monitored the bank premises and nearby areas in plain clothes and also mounted surveillance on persons who were earlier arrested in similar offences.
"The duo was arrested from Ansari Road, Daryaganj, on the basis of secret information when they were looking for their targets near bank. However one of the accused persons namely Sagar alias Raju managed to flee from the spot," he said.