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The accused have been identified as Anish Amin (26) and Vitaraj (23), from Bengre.
The duo was absconding since then and the police were on a lookout for them.
Shivraj was brutally murdered at his home on January 22.
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It has been gathered that Anish and Vitaraj escaped to Bengaluru and then to Odisha, Assam, Nagaland and other places. The CCB police chased them and succeeded in arresting them.