Nope, at most you will lose Water weight from the compression and or sweating due to wraps.
Lose weight be creating a Caloric deficit.
Applying Body Wraps to Lose Fat Fast?
This is also good practice.Try this one also
Weight Loss Management
Diet and Lifestyle: You need to follow a lifestyle as prescribed by the experts.
o Avoid high carbohydrates like potato, polished, rice.
o Increase intake of fruits and salads
o Avoid oily and spicy foods drink of lukewarm water with lime
o Use of powdered cum seeds, coriander leaves salt and ginger powder with outer milk should be recommended.
Yoga: Following that, specificyoga postures can give you good results in reducing body weight. They have to done under the supervision of yoga gurus initially.
o Dhanurasana
o Bhuyangasana
o Ardhamasiendraysana
o Trikonasana
o Surya Namaskar
These yogas helps in losing extra fat. This is more effective if performed with Pranayam and kapalbharti. Brisk walk of 30 minutes in the morning helps in burning of excessive fat of the body