Police have arrested two persons for allegedly cheating over 200 people of Rs 8.71 crore by promising them lucrative returns on investments in various schemes here in Maharashtra, an official said on Wednesday.

The duo, identified as Amit Kantilal Jain and Yogesh Bhalerao, had set up a consultancy firm in Vasai town here through which they allegedly lured people to invest in various schemes and offered them 25 to 50 per cent higher returns, Deputy Commissioner of Police (Crime) Dr Mahesh Patil said.