The two men called at the elderly man's home in New Wokingham Road at around 8.30am, claiming that they were the bosses of a company who had recently carried out some work on his house.
The pair told the victim they had come to collect some money owed.
The pensioner was then driven to three individual banks — one each in Crowthorne, Wokingham and Bracknell — where he withdrew large sums of cash, while the men waited outside in their vehicle.
After he had completed all three bank transactions and handed over the money, the pensioner was then driven to London Road, A30, near to Sunningdale train station, where he was left.
The two men are believed to have made their escape in a taxi. Both men are white.
One is 5ft 11ins, aged around 30 of slim build with short, dark blonde curly hair. He wore a grey woollen cardigan.
His accomplice is around 35-years-old, 5ft 7ins of stocky to fat build with a round, chubby face with straight dark hair.
The car was a red Vauxhall Vectra, stolen from a Sandhurst address in August 2002.
Anyone who saw anyone driving this car on the morning of Saturday, January 25, in Crowthorne, Camberley or Sunningdale areas or since August last year should contact police immediately.
DC Dave Campbell said: "This is a despicable crime where two people have obviously taken advantage of an elderly and vulnerable man.
"The pensioner was tricked into believing that the pair represented a company that had previously completed some work at the house over the past few weeks."
DC Campbell concluded by saying that he would remind all people, especially those who are elderly, to always check for identification of passing tradesmen and to ensure that they have all relevant paperwork signed and checked.
PC John Oblein Bracknell's crime prevention officer suggests if you have any suspicions, call the police.
"Every call of this nature is important to us and you are not wasting our time. We want to hear from you."
Bogus callers use a variety of excuses from children with lost balls to utility officials claiming that there is an emergency such as a burst water or gas main.
"The bogus caller may try to panic and confuse you with an emergency situation, saying anything to get into your house. This type of offender is a well-rehearsed con-artist."
Anyone who has been targeted by bogus callers or anyone wishing to take measures to prevent becoming a victim can apply for the free security service run by the Berkshire Bobby Scheme.
This scheme provides residents with a free survey of their home, fitting of door bars, intercoms, spy holes and other security devices at no cost.
To register for this scheme or more information contact Sarah Scales or John Oblein at Bracknell police station on (01344) 823483.
Detectives are urging anyone with information about either the two men or the car involved to contact police.
Detectives can be reached on (01344) 823500.
Alternatively call the helpdesk on (01753) 83 55 55 55.