no protein powder does not make you lose weight it actually has 20 % of fat but there are pills that make you lose weight salads with no dressing and 100 % fruit juice also makes you lose weight (Previous Answer)
When you exercise (vigorously) you damage your muscles (In a good way), when the muscles repair they use a variety of essential acids and proteins that are extracted from your food. Taking protein as a dietary supplement aids in this muscle recovery, so you build muscle (and hopefully) increase your overall fitness faster than you would otherwise.
So in answer to your question, NO, Protein, on it's own, will not instantly rid you of unwanted fat, in fact, if protein is left to sit in your gut for more than a few hours (If you dont exercise after taking it), your body begins to rapidly break it down into fat.
If you really want to lose wait, remember! 70% of Weight loss is Diet & 30% exercise. So eat healthy, exercise at least 3-4 times a week for a minimum of 45 mins (heart rate 135+) and you WILL lose weight. XD