Senior police inspector Vishwas Valvi of the Shivaji Nagar police station told PTI that the boy and the girl in question were in love with each other and their marriage was fixed for December 16.
After their engagement ceremony, the family members of the boy including his father and mother as well as the boy himself, allegedly demanded Rs 5 crore.
When the girl's family expressed their inability to pay such a large sum, they had to call off the marriage though invitations had already been sent out to friends and relatives, the police complaint stated.
The father and son have been charged under Section 417, Section 420 and Section 500 read with Section 34 of the Indian Penal Code, as well as Section 4 of the Prevention of Dowry Act, the police officer said.