According to reports, the two members, Dipankar Hazarika and Ali Kamal Hussain, had pocketed Rs 50,000 from the businessman at Pamohi area in Guwahati.
The two members of the flying squad formed by Kamrup DC had been checking vehicles under West Guwahati assembly constituency on Sunday.
The businessman, Jahangir Alam, was found to be carrying cash worth Rs 2.5 lakhs in his vehicle.
After finding the huge amount of the cash, both the members of the flying squad asked the businessman to show them the proper documents.
When Alam could not show the proper documents , the duo demanded Rs 1 lakh from him and later pocketed Rs 50,000 from him.
After pocketing the money, the businessman who hails from Barpeta was released.
However, the Gorchuk police later arrested Hazarika and Hussain after Alam had lodged an FIR against them.
Hazarika is a ranger in the soil conservation department and Hussain is a Gram Sevak.
Flying squads had been formed to check the flow of money during the days of elections. According to the Election Commission, flow of black money is at large during the elections and most of it is used for bribing electors.