Police identified the accused as Dr Manoj Kumar Chhikara and Dr Rakesh Rana, who worked as assistant managers (R&D) and Quality Control, respectively.
No arrests have been made in case yet, they said.
The two are now working with Delhi-based MSD Wellcome Trust Hilleman Laboratories.
"Both of them were working on the vaccine called 'MenAfriVac', however, in 2011, Rana left the job and in 2013 Chhikara too resigned from the Serum Institute of India," inspector Anjum Bagwan of Hadapsar Police station said.
When the Serum Institute officials filed an online patent application for their vaccine, they found another application with same specifications and names of these two scientists as researchers.
"When Chhikara and Rana were working on the project at Serum, they had signed a contract that they would not divulge information outside but they allegedly violated the term after leaving the Institute," the police officer said.
Serum Institute of India, which belongs to the Cyrus Poonawala Group, is a producer of diphtheria, tetanus, pertussis, BCG, r-hepatitis B, measles, mumps and rubella vaccines.
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