The money was recovered from two brothers called Jean Bosco Bitunguramye, 31, and one only identified as Urimubenshi, 19, who were arrested later in the evening in Kamanyana Cell, Cyanika Sector.
The would-be victims are truck drivers, who were heading to the Democratic Republic of Congo (DRC).
Superintendent of Police (SP) Alex Ndayisenga, the Political and Civic Education Officer for the Northern region, said that the two brothers were masquerading as employees of one of the forex bureaus at the border.
"On Monday, at about 2pm, the two truck drivers, who had crossed into Rwanda from Uganda heading to DRC, gave Bitunguramye and his brother Urimubenshi 370,000 Kenyan shillings to exchange it into US dollars. They believed that these two suspects were working at a forex bureau at the border," SP Ndayisenga said.
Instead, the two brothers entered into one of the forex bureaus, came out from another door behind and disappeared.
"The search for the two fraudsters was immediately commenced when the victims reported the theft. With the help of some people at the border, Bitunguramye and Urimubenshi were located and arrested at about 6pm at their respective homes in Munyenkanda and Nyarutosho villages in Kamanyana Cell, Cyanika Sector, each with an equal share of 185,000 Kenyan shillings," SP Ndayisenga said.
The suspects were handed over to RIB at Cyanika station.
SP Ndayisenga advised to the public to always go to forex bureaus themselves instead of trusting their money with the people they do not know.
He further advised the young people to go and work instead of wasting their lives and ideas in such criminal acts and spending years in prison for avoidable crimes.
Obtaining property of another person by deception, under article 174 of the same law, is punishable with imprisonment for a term of not less than 2 years and not more than 3 years, and a fine of not less than Rwf3 million and not more than Rwf5 million.