They were remanded in police custody till June 4.
According to EOW sources, the duo had started an investment firm promising 10 times return to investors in a short period of time. The arrest was made after several complaints were made to the Mumbai Crime Branch by those who were allegedly cheated.
Paul, a South Indian actress who featured in Bollywood film Madras Cafe, was also arrested in 2013 in Chennai in connection to a cheating case. She was arrested in a joint operation by Delhi Police and Chennai crime branch officials.