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Ganesh Naik (26), a resident of Karkala and Ranjith K R (26) from Kodagu have been arrested while a search is on for the other accused in the case, city police commissioner Kuldeep Jain said.
Police also recovered one kg of gold jewelery, two mobile phones and an iron rod from their possession. The value of the seized goods is Rs 56,50,000.
The theft incident had occured in January 15, 2023 at the residence of Aikala Harish Shetty in Gutthakadu. The accused broke open the lock of the front door and had escaped with valuables.
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CCB ACP P A Hegde, inspector Shyam Sundar, Rajendra, Sudeep and other personnel were involved in solving the case.