Hyderabad police arrests nine for kidnapping jewellery businessman, extorting Rs 1.30 crore

Hyderabad police arrested nine persons for allegedly kidnapping a 53-year-old jewellery businessman and extorting Rs 1.30 crore from his family. The gang had allegedly demanded Rs 15 crore. Police seized cash, jewellery, silver, vehicles and mobile phones.

Hyderabad: The Hyderabad police on Saturday have arrested nine persons for allegedly kidnapping a 53-year-old jewellery businessman and extorting Rs.1.30 crore from his family after demanding a ransom of Rs.15 crore.

The police seized Rs.1.07 crore in cash, gold ornaments weighing about 67 grams, silver, five vehicles and nine mobile phones from the arrested persons. Two other suspects, including an alleged co-conspirator, are absconding.

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According to the police, the victim, K. Srinivas Rao, went missing on October 5 while proceeding to his jewellery shop in Ramanthapur. Following a complaint from his relative, the police registered a case and started an investigation.

During the investigation, police found that the businessman had allegedly been abducted near the Gollapaka flyover. “The kidnappers reportedly impersonated police personnel, blindfolded him and confined him at an undisclosed location. They allegedly threatened to harm him unless his family paid the ransom. The gang eventually released him after extorting Rs.1.30 crore,” DCP (Secunderabad) Rakashita Murthy said.

The police said that the kidnapping was over a dispute over a real estate venture at Hemanagar in Boduppal. The alleged mastermind, Dumanvath Srikanth, conspired with other members in August to abduct the businessman and extort money from his family as retaliation over the dispute.

The gang allegedly used vehicles fitted with fake number plates and frequently changed vehicles to evade detection. Police said some of the gang members had previous criminal records, including cases relating to kidnapping, robbery and cheating.

The arrested persons are being produced before a court for judicial remand. Efforts are under way to trace and apprehend the two absconding suspects, police said.