The victims - Jayesh Gavari and Kiran Kadam - were allegedly kidnapped by the accused, who had a dispute with them, last night near the Tekdi bungalow area.
The two men were forcefully taken on a two-wheeler to a place in Chandawadi locality where MNS city unit chief Avinash Jadhav and others allegedly threatened the duo and beat them up with iron rods and other weapons, Naupada police station sub-inspector N G Shishupal said.
The attackers also snatched a gold chain from one of the victims, he said quoting the complaint filed by the two men.
No arrest had been made so far in this connection, police added.