Hyderabad: The city police on Saturday, October 17, apprehended ten members of a gang in a sensational kidnapping-for-ransom case and recovered Rs 1.07 crore in cash, gold ornaments and others, officials said.
Police said K Srinivas Rao (53), a jewellery businessman, went missing on October 5 while proceeding to his shop at Ramanthapur here.
Police took up the investigation following a complaint lodged by Rao’s family members.
Rao was abducted by the gang near Golnaka Flyover here, blindfolded and confined at an undisclosed location. The gang members impersonated police.
They demanded a ransom of Rs 15 crore from his family and ultimately extorted Rs 1.30 crore and released him. While 10 gang members were arrested, two other members, including the alleged co-conspirator, were absconding, officials said.
The kidnapping was allegedly driven by a grudge arising out of a real estate business issue between Rao and Dumavath Srikanth, who is the prime conspirator and mastermind, a police release said.
The main accused allegedly hatched a criminal conspiracy in August this year with his accomplices to kidnap Rao with an intent to get AGP (Agreement of Sale cum General Power of Attorney) in his name for a real estate venture and also to extort a huge ransom from his family, and later executed the plan.
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