New Delhi, Jan 1 (IANS): A gang of fraudsters, who allegedly cheated people to the tune of Rs 55,00,000 on the pretext of setting up of mobile phone towers at their plots, has been busted, police said Saturday.

Sujit Kumar Giri alias Anil Kumar, 31, and Krishan Kumar, alias Naresh, 34 were arrested from their homes in Palam and Kalkaji under charges for duping around 25 people to the tune of Rs.5,500,000, said Deputy Commissioner of Police Chhaya Sharma.

The two were caught following a complaint Nov 3 by Ratnesh Kumar Singh that he was duped by two people, who posing as assistant managers of Airtel, and said they are looking for prospective clients having their own land.

"The accused told Singh that the Airtel would provide Rs.500,000 in advance and Rs.20,000 as monthly rental. Singh was taken in by the offer," said Sharma, adding he gave them Rs.50,000 to swing the deal.

During interrogation, the accused revealed that they were working as executives in a prestigious bank and became friends.

"The money earned by them was insufficient to meet their requirement. To fulfil their requirements, they tried to dupe people," Sharma said.