KATHMANDU: Two persons reportedly got cheated by members of a fraud racket, who swindled them of Rs 650,000 on the pretext of exchanging US dollars at a cheap rate.

Bhim Bahadur Tamang (35) and Raju Tamang (25) told police that two unidentified persons took Rs 500,000 and Rs 150,000 respectively from them claiming the duo had provided them with USD 22,000 in a wrapped bundle.

A meeting was held in Tinkune Gairhigaun, KMC-35 for the transaction.

But when the gullible duo opened the bundle, they found that the suspected frauds had handed them over 20-rupee notes sandwiched between two USD-50 bills.

The frauds had been into their contact for last 10 days, according to police.

While looking for the suspects, police are investigating into the case.