Ashwini Kumar Sharma and Rajesh Ranjan were nabbed by the Central Bureau of Investigation (CBI) Aug 30, the investigative agency's joint director Rishi Raj Singh said.
It has also been found out that the duo has property worth crores of rupees.
"We are on the lookout for a third suspect, Anirudh Agarwal of Panipat (image below). He is a close associate of the two accused," Singh said.
The CBI has offered a reward of Rs 50,000 to anybody giving information on Agarwal's whereabouts.
"Investigations revealed that the money collected by them was invested in buying properties, gold and shares in Panipat," Singh added.
Agarwal operated as proprietor in Panipat and is a childhood friend of Sharma, who is also from Panipat. Ranjan hails from Hardia in Bihar's East Champaran district.
Sharma had bank lockers at a branch of IDBI Bank under the name of Naresh Kumar Sharma. A large quantity of gold jewellery and bars, weighing close to 25 kg, has been recovered from these lockers.
Ranjan and Sharma were arrested last month following complaints from at least 20 film and business personalities of harassment, threats and extortion.
The CBI earlier seized Rs.2.8 million from them and also recovered documents pertaining to investments in realty.
While Ranjan holds an MBA degree, Sharma used to run a loss-making garment unit in his hometown.
Sharma, who has been described as having a good personality, would travel in a vehicle with a beacon, giving the impression that he was a VIP.
Similarly, Ranjan would dress well, moved around with attractive women and flaunted his alleged connections with top police and government officials to trap innocent victims.