Chandramohan Nair, a retired Railways employee, and his wife Laxmi Nair had taken Rs 5 lakh and Rs 6 lakh from two youths, assuring them that they would get jobs in the Railways.
When the jobs didn't materialise, the victims approached the police.
The police have registered a complaint of cheating, but Nairs have not been arrested yet, said inspector S D Shinde of the Badlapur (E) police station.