The accused include a practicing lawyer in Vasai court, police said, refusing to divulge their names.
"The duo would fabricate documents and present them to offer as guarantee to accused, who were granted bail by the courts in the district," Police Sub-Inspector (PSI) Yuvraj Kalgutke of Vasai police station said.
The accused stood as guarantor for several persons in different cases, he said.
A case was registered against the duo last evening under relevant sections of Indian Penal Code, the PSI said, adding they are yet to be arrested.
Further investigation is on, he said.
