Two persons, including an MBA graduate, who duped about 85 city students of Rs three crore on the pretext of training them in their maritime institute and providing jobs on foreign ships or cruises, have been arrested, police said today.

The accused, identified as Manoj Dube and Sanjay Mishra, were arrested recently, while their associates Vijay Dubey, Manish Dubey and Ajit Mantri are still absconding.