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SI Jeevan Kumar Thomas (31) and Gnanaprakash Anthonappa (44), who claims to be a reporter with a Kannada newspaper, had allegedly robbed a person named Shiva Kumaraswamy on August 19, police said.
They said the incident happened in the morning when Shiva Kumaraswamy reached near the Chikkapet metro station.
Three people intercepted him and abducted him in a car, the police said, adding they snatched his mobile phone and switched it off.
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The robbers then drove him to a hotel near the Lal Bagh where they dropped him off with a warning to leave the place without making any noise.
Based on a complaint, the City Market Police registered a case of abduction, illegal confinement, threat, robbery, and conspiracy against unknown persons.
Investigation revealed the involvement of the sub-inspector and his accomplices following which the two were arrested, the police said.
It is learned that their friend Kishore had allegedly tipped them off about Kumaraswamy carrying the huge sum.
Police have launched a manhunt for other accused persons.