A Mississauga, Ont., resident was defrauded of $49,000 in a scam involving chemically blackened fake money that people are duped into believing is real.

Peel Region police are warning residents and businesses to beware of the scam after at least three business people and one resident were approached.

The two suspects say they have a large amount of U.S. cash that was transported from Nigeria to Canada, but the money has to be disguised with a chemical to turn it black.

They then tell the victims that to return the money to its original colour, a special chemical has to be purchased to clean it. The suspects then demonstrate the process.

But in the end, the victims end up with a worthless pile of black paper and some liquid.

Police described the suspects as two well-dressed men in their 30s who identified themselves as Nigerian.

The two men were driving an older-model dark grey Acura.

With files from the Canadian Press