The duo, one of them a director of a company named Viral and the other CEO of another firm Expertthought, were apprehended last week, Inspector Pratiba Shendge attached to Cyber Cell of Navi Mumbai Police, said today.
Police declined to divulge the names of the accused but said a former employee of Naaptol, the online shopping website whose data was stolen, is wanted in the case.
According to the police, the data theft at Naaptol took place between January and June this year.
After an inquiry, an FIR was filed on November 7 at Rabale Police Station, said Shendge, adding, on the same day the two executives were arrested.
The accused were produced before a court which remanded them in police custody till November 11. Later, they were sent to jail.
The duo was charged under IPC Sections 420 (cheating), 406 (criminal breach of trust) and relevant provisions of the Information Technology Act.