Former fisheries minister Bernhard Esau and businessman Ricardo Gustavo were arrested today by the police.
Police inspector general Sebastian Ndeitunga confirmed the arrest today.
"It's true that we arrested them. We still have 48 hours to make sure that the investigation advances," he said.
Ndeitunga added that "they have the right to apply for bail.
The arrests come around to weeks after they were exposed in a fishing scheme that generated kickbacks of at least N$150 million over four years.
The Namibian understands that the police is looking for three other high-profile people implicated in this saga. He declined to comment on this.
Documents show that the fishing schemes could involve transactions worth as much as N$2,5 billion.
This scandal also implicates former justice minister Sacky Shanghala, who resigned with Esau from their government positions two weeks ago.
The other two are former Investec Namibia's managing director, James Hatuikulipi and his cousin Tamson Fitty Hatuikulipi.