When you hoodwink someone into doing something you trick him into doing it. For example, salesmen often try to get you to buy things that you do not really need. They trick or hoodwink you into buying things.
*My girlfriend hoodwinked me into cleaning her room.
When you “hoodwink” someone out of something, what you are doing is taking something from him by tricking him. This is what some placement companies do. They promise that they will find a job for you somewhere abroad. They proceed to take a lot of money from you. When you give them the money, they run away with it. They hoodwink you out of your money. We read about such things in newspapers every day.
*Virender tried to hoodwink the old lady out of her savings.