Harender Rana and his cousin Arun Solanki, however, were arrested and the entire cash was recovered, they said.
Rana had on Monday reported to police that he works as a collection agent with Share Microfin Ltd and that he was robbed of Rs 1.16 lakh near Nangloi when he was going to deposit the money in a bank in Paschim Vihar.
He also claimed that three persons way-laid him and inflicted injuries on him when he refused to part with the money.
Police, however, doubted Rana's claims and subjected him to intense interrogation which eventually led him to disclose that he had planned the 'robbery' along with his cousin.
"He was annoyed with his company as they didn't pay him proper increment. He also took advantage of similar type of incidents which he read in newspapers," Additional Commissioner, West Delhi, V Renganathan said.
Rana also told police that he had started living in the firm's office complex in Nangloi.
"The agent's earnings were not sufficient to meet his lavish expenses, and Rana became annoyed with the company as he was not getting increment according to his expectation. This led him to hatch a plan of a fake robbery to earn quick money," the officer said.