Two persons were arrested for allegedly cheating a man from Kharigaon-Kalwa in Thane district of Rs 10 lakh after promising him a lucrative money exchange scheme, a police official said on Monday.

The duo, identified as Nitesh and Chandu from Khopoli, told victim Mahesh Patil that they could give him currency in Rs 100, 200 and 500 denominations in place of Rs 2,000 notes, the Sahapur police station official said.