It said Hayat Khan arrested in a sting operation on Thursday following a number of complaints in the capital.
“The fake FBI agent grabbed millions of rupees. He is now under arrest,” , media reports quoted police official Suhail Akram as saying.
Khan, who also went by the alias Riaz Khan, claimed to have worked for the FBI and trapped his victims by offering to sell US dollars at a lower rate than on the market.
According to the report swindled victims by offering favourable exchange rates for relatively small amounts of money, say $500 or $1,000, and then overcharging them for much larger amounts.
Police said it recovered 21,000 from his possession.