The accused Praveen Ambalal Patel (36) and Nandu Jagannath Dhatrak (29), both residents of Nashik district, were nabbed at Dwarja Circle locality this afternoon after a trap laid by sleuths of Bhadrakali police.
The duo were produced in a local court, which remanded them in three-day police custody.
According to a police statement, the victim Hirash Vallabhdas Makwana told police that the duo had called him and demanded Rs 50 lakh from him and also threatened him that if he did not pay the money, they would kidnap and harm his son. The duo told him not to inform police about it.
"When the accused landed at the spot in a car to collect the sum, they were overpowered and caught. Police also checked their car, from which an airgun and a box full of pellets was recovered. The duo was later arrested and the vehicle was impounded," the release added.
The duo has been booked under IPC sections 384 (extortion), 387 (putting person in fear of death or of grievous hurt, in order to commit extortion) and 34 (acts done by several persons in furtherance of common intention).