In this paper, an encryption scheme, based on a double deterministic phase mask and the Yang-Gu algorithm, is proposed. It consists of double random phase encoding and the Yang-Gu algorithm in Fresnel and Fourier transform, respectively. The random phase masks are replaced with deterministic phase masks that are constructed using chaotic logistic and cubic maps. The encrypted image obtained by the scheme in one-way binary modulation is real and more convenient for storage and transmission. The validation of the proposed cryptosystem is carried out using numerical simulations on greyscale images of Man, DICOM and CUH binary images. The proposed scheme is investigated for its robustness through statistical analysis using histograms and correlation plots. The scheme is also tested for its resistance against occlusion, noise and cryptographic attacks. The proposed cryptosystem is found to be highly sensitive to its private key and Fresnel parameters and therefore secure.