The accused identified as Birju (45) and Kuldeep (42) were arrested by West district police within hours of abduction and the victim was safely rescued.
Two mobile phones and one Santro car used to commit the crime have also been recovered.
"The incident was reported to police yesterday, when a PCR call was received in police station Janak Puri from one Manjeet that her husband has been kidnapped and the kidnappers are demanding ransom money to the tune of Rs 16 lakh," Deputy Commissioner of Police (West) Pushpendra Singh said.
On the basis of technical surveillance and information, raids were conducted and the victim identified as Ravi Deshwal was rescued while the two accused were arrested.
More From This Section
However, their associate Kake is still absconding and efforts are being made to arrest him.
During interrogation, the accused disclosed that Ravi Deshwal is a property dealer and Birju had booked a plot for a sum of Rs 6 lakh.
Birju had paid Rs 4 lakh but Deshwal did not book the plot.
When Birju demanded the money back, Deshwal gave him cheques amounting to Rs 4 lakh which bounced due to insufficient amount in the bank account, Kumar said.
Further investigation is on, police said.