Two men have been arrested “in relation to the alleged kidnapping and murder of 85-year-old Chris Baghsarian”, police have said.

New South Wales police said a man, 29, was arrested in Kenthurst and a man, 24, was arrested in Castle Hill. They were taken to Riverstone police station as inquiries continued. No charges had been laid as of Wednesday morning.

Footage of the arrests showed half a dozen masked police from the Raptor squad arriving at the two homes where the men were arrested, and breaking in to execute search warrants.

The arrests come 12 days after Baghsarian disappeared from his North Ryde home, and a day after police believe they found the 85-year-old’s body.

Human remains suspected of being those of Baghsarian were found on Tuesday morning near a golf club in Pitt Town, NSW, about 45km northwest of the Sydney CBD.

On Wednesday, Baghsarian’s family said they were still “attempting to come to terms with this incident” and asked for privacy.

“We welcome the news of the recent arrests in relation to the kidnapping of our father and grandfather,” they said in a statement.

“We will not be conducting any interviews and we kindly ask media [to] refrain from filming outside our homes.”

The NSW police commissioner, Mal Lanyon, told 2GB on Wednesday that the two men were assisting police at Riverstone as officers continued to scour the north-west of Sydney.

Early inquiries after his disappearance on Friday 13 February established that Baghsarian was not the intended target and had been taken in a case of mistaken identity – reportedly by men who intended to target a relative of a man linked to a well-known Sydney crime family.

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Police repeatedly told the kidnappers they had the wrong person and publicly urged them to release the elderly man, who relied on daily medication.

They suspect Baghsarian’s body was likely dumped off Pitt Town Bottoms Road on Saturday 14 February, remaining undiscovered since then.

Police have said forensic evidence linked to Baghsarian was found in a burned-out car that was torched in Westmead on Monday 16 February. That car also contained evidence linked to an abandoned and derelict property in Dural where it was believed Baghsarian was briefly held.

Det Acting Supt Andrew Marks said on Tuesday that the car, a grey Toyota Corolla, was seen in Glenorie, just north of Dural, on the evening of Saturday 14 February – the day after Baghsarian was kidnapped.

Shortly afterwards, it was driven to Pitt Town Bottoms Road, where the 85-year-old’s body was found this week. It was then seen in Westmead later that night but not set alight until two days later – on Monday 16 February.