The duo Kishan Karole (20) and Nilesh Karole (30) were arrested on Wednesday and yesterday from Rajasthan and Mumbai respectively, police said today.
According to Crime Branch Unit XI, Mayur Jewellers shop was opened on the intervening night of last Friday and Saturday using duplicate keys and ornaments worth Rs two crore were stolen. The CCTV set up was also damaged by thieves to leave no clue to police.
An FIR was registered in Goregaon police station in this matter and Crime branch began parallel investigation.
Throwing more light on the crime, another officer said Nilesh works in a jewellery shop located opposite Mayur jewellery store for the past five years.
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"Nilesh knew the keys of the Mayur jewellers are kept in a saree shop in the area. Hence, he along with his brother Kishan hatched a conspiracy to loot gold. Nilesh prepared duplicate keys of the saree shop and then gained access to the original keys of Mayur jewellery shop," said another officer.
Police said Rs 1.32 crore worth gold valuables were recovered from Kishan, who had hidden them in a farming field in his village at Chittorgarh district in Rajasthan, police said adding, "Nilesh wanted to open his own jewellery shop and hence he hatched the conspiracy to carry out the theft."
Investigations are on to recover the remaining booty, police said.