The two, identified as K Venugopal and Namburi Naga Venkata Chandra Sekhar, allegedly conspired with the key member of the gang, Khusro Jalnawala, to dupe people by selling defence land at Military area in Bollaram, police said.
Part of their plan, the accused gave wide publicity through print media.
When the complainant approached to purchase the land, the accused took an amount of Rs 18 crore from him and cheated the complainant Tavinder Singh Kohli, Managing Trustee of Gurunanak Educational Society, in Secunderabad.
Six of the accused gang members, including Khusro Khusro Jalnawala, have already been arrested, according to a release.