26-year-old James Bolan from Arreton and 25-year-old Jason Williams from Winford appeared at the Isle of Wight Magistrates Court on Wednesday accused of making an unwarranted demand for cash with menaces.
The pair were caught following a Police operation in Bembridge over the weekend, which saw an innocent local man arrested, questioned and later released having unknowingly got caught up in the middle of the situation when he parked in a car park.
It is understood £30,000 in cash was arranged to be dropped off in a car at a location in the Bembridge area by the businessman.
Both Mr Bolan and Mr Williams have been remanded in custody and are due to appear before the Isle of Wight Crown Court on 30th March. Both men are yet to enter a plea.