The accused were identified as Bhushan Shewale and Lalit Shewale.
The duo was arrested after one of the victims, Praveen Suryawanshi, lodged a complaint in this regard last night, Superintendent of Police Gajanan Rajmane said.
According to police, the accused had set up an office opposite Malegaon court with the name 'PWD Web Management Department' and assured unemployed youths that they would be given government jobs.
Accordingly, around 115 youths came forward to apply for the jobs. Each of them was asked to pay around Rs 15 lakh by the accused. However, despite paying the money, they were not offered any jobs, police said.
An offence has been registered at Chhavani police station here in this regard and further investigation is on.