The Kasarwadavali police told PTI that the couple Kirtikumar Deolekar and his wife Manisha worked with Puranik Builders here in the company's stores department.
During their services, they took away important documents and indulged in financial irregularities due to which they were dismissed from their jobs.
Later, in order to return vital documents in the couple's possession, they allegedly demanded Rs 50 lakh from the company, according to a complaint filed at the Kasarwadavali police.
After the couple's threat, the company management rushed to the police and registered a complaint.
The police said that an offence under Section 385 read with Section 34 of the Indian Penal Code (IPC) was registered and the case is being investigated by Assistant Police Inspector A R Bhandara of the Anti-Extortion Cell of the Thane police.