The accused were identified as N Shasidhar Reddy and B Jagannadam, police said.
"The two notorious fake offshore job consultants were arrested for indulging in cheating, criminal breach of trust, criminal conspiracy through the use of technology. They created fake websites and sent e-mails and job offer letters to job seekers, who had approached them for employment," a release from Cyberabad police said.
The accused, who had set up an office here, shut it down and went absconding after the job seekers, who had paid money to them, started enquiring about their placements and approached the police.
During the course of investigation, the police arrested Reddy and Jagannadam and seized incriminating documentary evidence and Rs 1.65 crore from their possession, the release added.