Earlier, the police had arrested three persons in connection with this case. The two accused - Rakesh Rastogi (57) and Raja Ram Deshmukh (55) were arrested from Botanical Garden, Noida on the basis of a tip-off, said Deputy Commissioner of Police (South) Ishwar Singh.
Police have recovered jewellery worth several lakhs, he added.
A group of men, wearing helmets and carrying firearms and sharp-edged weapons, entered Pramod Jain's jewellery shop and after threatening him, picked up all the jewellery articles on display and fled.
Police are looking for one more accused in the case.
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