The accused were identified as Narayan Giri and Kalunath, Police spokesperson Gajanan Kabdule said.
According to police, the victim, Paras Kisanlal Kothari, a resident of Kalher in Bhiwandi owns a jewellery shop located in Dhokali area of Kolshet.
He told police that the duo had approached him and claimed that they possess super natural powers.
On October 25, 2015, Kothari went to meet the accused and told them about the mental illness of his wife and sought their help to grow their business.
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The victim readily gave Rs 15.5 lakh and gold jewellery for two rituals, which they claim to have conducted in a northern state.
"They suggested the complainant that only last ritual was left out, for which he should bring Rs 4.25 lakh cash and 25 grams of gold, so that things would start turning in his favour. However, the victim then grew suspicious and lodged a case with Kapurbawdi police.
"A team of policemen have gone to Rajastan to recover the booty and nab the duo," Kabdule said.
The duo has been booked under section 420 (cheating) of IPC and Maharashtra Prevention and Eradication of Human Sacrifice and other Inhuman, Evil and Aghori Practices and Black Magic Act, 2013.
Further investigation is on.