The duo, Mansoor Hassan (23) alias Mota alias Raju and Musbir Haji Iqbal Pankaar have been charged under Sections 387 and 34 of the Indian Penal Code and Arms Act and remanded to police custody till June 15.

According to the police, the businessman was threatened at gunpoint at his Mohammed Ali Road office at Pydhoni on April 21 by three Shakeel men, who barged into his office at around 8.15 pm.

The gunmen demanded that the businessman pay protection money to Shakeel instead of the Chhota Rajan gang, which had used one of their members, Razak Kashmiri, as an intermediary. Kashmiri was killed in a police encounter at Wadala late last year.

The trio left, but not before warning him that he would receive a call about the amount to be paid to the Shakeel gang. Later the caller demanded a sum of Rs 10 lakh, police said.

However, thepetrified businessman reported the matter to Pydhoni police. Parallel investigations were also being carried out by the Crime Branch. In a lengthy interrogation, Hassan admitted that he made frequent calls to Shakeel in Karachi. Pankaar has been arrested for aiding and abetting Hassan.