Venkateshkumar, who works for the businessman, and his friend Jayakumar were arrested after police zeroed in on the latter by examining the CCTV recordings, police said today.
Venkateshkumar had told Jayakumar to extort money fromhis employer, who was a timid person, saying he had Rs 40 lakh with him and would give Rs 20 lakh if he was just threatened.
Jayakumar recently made the phone callfrom a public booth in the shopping area and asked the businessman to send the money through any person, who could identify him (accused) by telling a particular mobile number.
As part of security measures, the closed circuit tv cameras have been installed at various public places in the city.