Acting on a tip off, police arrested the duo--Kashinath and Snadip Kumar--from near Amrapali bazar in Indira Nagar area yesterday.
Three wireless sets, fake documents and stamps used by them to issue appointment letters were recovered from their possession, they said.
The duo revealed that they had floated a fake company "Rashtriya Krishi Ayat-Niryat parishad" which they claimed was a central government undertaking, police said.
They used to conduct fake procedure of holding examination and interviews for government jobs and through their agents extorted money to ensure success.