Hyderabad, Oct. 17: Hyderabad police have arrested nine people for allegedly kidnapping a 53 year old jewellery businessman and extorting Rs. 1.30 crore from his family. The accused had reportedly demanded a ransom of Rs. 15 crore.
Police seized Rs. 1.07 crore in cash, around 67 grams of gold ornaments, silver, five vehicles and nine mobile phones. Two other suspects, including an alleged co-conspirator, remain absconding.
Hyderabad Kidnapping Case | Real Estate Dispute Allegedly Behind Kidnapping
According to police, the victim, K. Srinivas Rao, went missing on October 5 while travelling to his jewellery shop in Ramanthapur. A relative’s complaint prompted police to register a case and launch an investigation.
Investigators found that the businessman was allegedly abducted near the Gollapaka flyover. The suspects reportedly posed as police personnel, blindfolded him and held him at an undisclosed location.
“The kidnappers threatened to harm him unless his family paid the ransom. The gang eventually released him after extorting Rs. 1.30 crore,” said Secunderabad DCP Rakashita Murthy.
Police said the alleged kidnapping stemmed from a dispute over a real estate venture in Hemanagar, Boduppal. The alleged mastermind, Dumanvath Srikanth, reportedly planned the abduction with other gang members in August as retaliation over the dispute.
The gang allegedly used vehicles with fake number plates and switched vehicles to avoid detection. Police said some accused had previous criminal records involving kidnapping, robbery and cheating.
The arrested persons are being produced before a court for judicial remand. Police are continuing efforts to trace the two absconding suspects.
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