Besides arresting the two last night, ACB sleuths also conducted searches at the residential premises of all six accused in the case and collected some documents, they said.
The college's then dean Dr N N Ingle was booked in connection with the case in 2012. Later, during probe, five others, including Baliram Parshuramkar, a retired associate professor, were also found guilty of the same offence, ACB officials said.
The offence was registered recently against Ingle, Parshuramkar and four others by the ACB after eight years of probe on a complaint by local activist Vijay Bhagat.
"All the accused submitted a fake report to the government about the land being used only for college purposes and thus cheated the government. It also indirectly led to a loss of Rs 65 lakh to the government," an ACB official said.
Ingle and others misused their powers and provided government land for Ayurved college to retail traders for shopping complex without taking official permission, the ACB said.
Pramod Salve, the then reader who was subsequently placed under suspension, professors Prakash Khaparde and Prakash Deshmukh and retired reader Rajendra Wagh were also been booked under relevant sections of Prevention of Corruption Act, 1988, in this connection, they said, adding that further probe is on.