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The arrest follows an appeal the police made on Tuesday (21/1).
Two males were going door to door collecting for a boxing club in the Milton Keynes area.
It was suspected that this was not genuine.
Thames Valley Police said: "Thanks to a call from a member of public yesterday (25th January 2020) two juvenile males were arrested on suspicion of fraud by false representation. They have been released under investigation whilst enquiries are ongoing.
"If you suspect you have been targeted by them, please contact Thames Valley Police on 101 quoting reference 43200028140."