The incident took place at Karabara Chowk in Ludhiana where the fake cop asked the duo to stop for checking and snatched a mobile phone and robbed them off Rs. 34,730.
The accused told Jasvir Singh to follow him towards Jalandhar bypass and collect his money and phone from senior police officials.
However, when Singh reached the spot, no one was present.
The Salem Tabri police have registered a case against unidentified persons under Section 420 of IPC.
Inspector Dharampal, SHO of Salem Tabri police station said the police have launched a manhunt for identification and arrest of the accused.