The incident happened when Ravindra Pathak and his wife were out on a walk yesterday morning. The entire incident has been captured by a CCTV camera installed in the area.
The video showed the two bike-borne accused snatching the earrings of Pathak's wife, after which Pathak ran behind them and got hold of the pillion rider, the police said.
The man riding the motorcycle tried to escape the scene, but an auto-rickshaw blocked his way, they said.
The two accused - Kaved and Aarif - were arrested. the duo have been involved in more than 19 cases of robbery and snatching, said AK Singla, Deputy Commissioner of Police, North-East.
The elderly man has been rewarded with Rs 1,000 and a certificate by the police for his courage.
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