The woman, who first wrote to the office of additional commissioner of police (north region), blamed suburban businessman Raju Naik, who has been booked for extortion. He deleted the pictures soon after.
Naik allegedly made the pictures public after the model married another businessman from the far suburbs.
He also allegedly made several calls asking the woman to leave her husband.
The victim claimed Naik threatened and harassed her. Police said he was also allegedly trying to sabotage commercial ventures of her husband.
Naik allegedly convinced an employee of the husband to leak his commercial plans. The employee, Mahesh Patel, allegedly tried to foil many business deals for Naik.
The victim told police Naik allegedly threatened to post her pictures online if she did not leave her husband.
"He sought Rs 2 lakh to not post the pictures. But 15 days ago, the victim saw some of her pictures on a website," said inspector L G Shinde.
Probe revealed Naik posted the pics a month ago with the help of Patel. "The victim was alerted by a common friend," said a police officer.
Saturday, additional commissioner of police Sunil Paraskar ordered registration of an FIR against Naik and Patel, who are absconding.
"Since the photos and videos were deleted, we do not have proof. However, we have booked Naik and Patel for blackmailing and extortion," said the officer.