Rajesh Kumar, a local resident had lodged a complaint through helpline number 181 that unidentified motorcycle borne youths looted his bag containing Rs 15 lakh cash on Wednesday night, they said.
After the complaint, police sounded red-alert in the area to nab the miscreants.
During the investigation, it came to light that Kumar concocted a story of the loot and registered a false complaint with the police, Senior Superintendent of Police (SSP) Rakesh Kaushal said.
Further investigation is on in the matter, the SSP added.