The report was published in the Telegraph which stated that the students were targeted in Hulme, Manchester, on Friday.
Greater Manchester Police (GMP) warned of the dangers of using the phone app and said it was concerned that the app could provide another online avenue for criminals to exploit.
The augmented reality game was launched in Britain on Thursday and has exploded in popularity since then.
It uses the GPS capabilities of device in conjunction with Google Maps to place creatures in real world locations, which player then tries to find using his device as a guide.
Once in proximity to the placed creature, player needs to use device's camera to view the creature and try to capture it.
The Pokemon Go is available on Google Playstore and Apple's App Store in US, Japan and Australia, the Philippines, New Zealand, Britain and Germany. It is coming soon to India, Singapore, Taiwan and Indonesia.
"We know that criminals move quickly to exploit the latest developments to target victims and Pokemon Go will already be in their sights. I would urge parents to speak to their children about the app and the best ways to make sure they stay safe. Talking to your child is one of the best ways to keep them safe," quoted GMP Detective Superintendent Joanne Rawlinson said.
Meanwhile, Sussex police has appealed to Pokemon Go players who may have witnessed a break-in at a Tesco garage in the early hours of Saturday to come forward with information and help.
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