The arrested accused are identified as production manager Erric Advin Cilus (35) and supervisor Dighambar Trimukhe (40). Police are searching for the owners of the company.
The racketeers would sell spurious oil under a popular brand name to Gulf countries, said senior police inspector Nitin Thackeray.
Police seized finished goods, accessories and raw material collectively worth Rs 1,81,61,952 during the yesterday's raid.
Thackeray said the company used logo of popular oil company to sell the oil in market.
A case has been registered under various sections of the IPC.
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