The victim, Sandeep Khurana, was called by four men asking him to meet them, they added.
Of the four, three posed as Crime Branch officers and told Khurana that as part of their crackdown on black money on December 10, they had called him for questioning.
The fourth person, whose office was the venue of the meeting, was an accountant known to Khurana, police said.
They forcefully took away Rs 4.25 lakh and USD 1,015 from the victim, police said.
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The accused also told him that if he was found to be "innocent", the money would be returned.
Subsequently, Khurana kept calling the accountant for the money but the latter kept on dilly-dallying, police said.
Yesterday, the victim filed a complaint at Deshbandhu Gupta Road police station.
The matter was being looked into and prima facie, it appeared that the three men who met Khurana were not real policemen, police said.