Acting on a complaint by one Sanjay Dolo that the duo had taken money from him for the admission of his brother to R D Gardil Medical College in Ujjain, police arrested Srivastava alias Pranay Goswami from Kolkata's Salt Lake area and Shekhar alias Rama Shankar Pandey from Park Street area of the city on Monday.
The accused also issued a forged letter of admission from the college, they said.
Police recovered a demand draft of Rs 2.50 lakh given by the complainant from Shekhar's possession.