British counter-terrorism police have arrested two men over an alleged "cash-for-jihad" fraud that saw elderly residents conned of money by fake police officers.

The Metropolitan Police said the men, aged 23 and 29, were detained in London Wednesday on suspicion of money laundering. The force said the investigation was linked to British extremists traveling to Syria.

The arrests come after vulnerable and elderly victims received phone calls from a suspect impersonating a police officer. Police say the victims were informed their bank accounts had been compromised and told to transfer their money — in one case amounting to 150,000 pounds ($230,000) — to an account controlled by the suspect.

Police are searching six London properties in connection with the arrests.