An FIR has been lodged on a complaint of Pradeep Kirshan Murthi and Chandra Mohili, who were asked to make a payment of Rs one crore by the fraudsters, Superintendent of Police, Arun Sarohi said.
The duo realised they were cheated when no seats were alloted to them.
A case of cheating has been registered against the five accused and a probe is on to nab them , he said.