Thirty two-year-old W R and 36-year-old S O, both identified by their initials only, allegedly broke into the shop using an iron bar and carry out the heist on January 4.
The shop owner, also an Indian national, claimed the duo robbed him as he was possessed of their passports as a guarantee for the money they owed to him.
The duo, however, denied the charges before the Dubai Court of First Instance yesterday, Gulf News reported.
The heist came to light when one of the staff of the shop owner found out that the lock was broke open, the report said.
A Police inquiry revealed that the duo included another person in the robbery who later returned to India.
