Sharib and Kausar have been arrested in the case while efforts are on to nab their other two associates identified as Rehan and Rashid, said a senior police official.
The incident occurred on September 23 when Mohammed Rehan (23), a resident of Jamia Nagar in South Delhi was on his way to his institute in Santro car when, the gang, first banged his car near New Friends Colony and then asked him to accompany them to pay for damages.
"He was injected with sedatives and also made to consume a white powder with water. When he became unconscious, he was taken to a safe house in Meerut, which was pre-decided to keep him till the ransom was received," said a police official.
Sharib remained there to keep a watch on him, Rashid returned to Delhi in victims car and abandoned it. They then moved to different locations in Delhi and called victim's father, who is an engineer in a government office, from Rehan's mobile demanding Rs 1 crore as ransom.
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On September 26, Sharib and Kausar got to know that the police had raided their residence and decided to release the hostage.
On September 27, at around 6.30 AM, the kidnappers left Rehan near ISBT Sarai Kale Khan from where he returned home after boarding an auto. His car was found abandoned at Asharm Chowk.
But the police who had identified the kidnappers kept their investigations on and finally arrested two of them while efforts are on to nab the remaining two, police said.