According to police, one of the two persons arrested in this connection is a business associate of the victim. Both accused were arrested on Friday.
"Pankaj Aggarwal (34) had hatched the conspiracy along with a criminal associate, Naresh Kumar Gaur (26), to extort money from the complainant.
"The duo had demanded Rs 70-80 lakh from the complainant, a well-to-do businessman and a resident of Timarpur," said Additional Commissioner of Police (Crime), Ashok Chand.
During the probe into the matter, it was found that Gaur had made the extortion calls but, when the complainant did not pay up, Aggarwal claimed he, too, had received threat calls on his mobile phone.
To further convince the complainant about the authenticity of the extortion calls, Aggarwal registered a false complaint on May 19 at Mukherjee Nagar police station that he was robbed at gunpoint of his mobile phone and cash by motorcycle-borne robbers.
He also claimed that the robbers had enquired about the businessman and threatened to eliminate both of them if the extortion money was not paid.
Police said that the mobile phone which was supposedly robbed from Aggarwal has been recovered. Aggarwal is a post graduate and deals in confectionery items while Gaur is a graduate and a bouncer by profession.
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