This paper addresses Multicast-Nodes (MC-nodes) and Wavelength Converting-Nodes (WC-nodes) placement problem in Multicast Optical Virtual Private Network (M-OVPN). This problem is motivated by the high cost incurred in the usage of optical splitters and converters in the VPN due to complexity and power considerations. An analytical model for computing the approximate blocking probability in MOVPN with wavelength conversion has been developed. The placement is determined using our proposed innovative Removal algorithm together with the blocking performance computed. We perform simulation studies of our algorithms using NSFNET. The results show that the Removal heuristic is able to locate the optimal placement location within a much shorter time and with higher efficiency compared to existing heuristic. In addition, we also show the flexibility of the heuristics by introducing the hybrid (Combined Removal) and dual (Concurrent Removal) removal mode.