The accused, identified as Dilip Upadhya and Talvindar Singh have been arrested on the charges of attempt to murder and they have been remanded to police custody by Esplanade court.
Shetty, who runs chain of hotels in Mumbai, Dubai and Malaysia, was shot on October 3 by two unknown motorcyclist near Funcity in Andheri.
Earlier the police have arrested Nityanand Nayak, Selvan Challapan Daniel and Rohit Thangappan.
Thangappan has also been arrested before for allegedly killing journalist J Dey under Chhota Rajan’s instructions.
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