A gang that allegedly posed as police personnel kidnapped a 53-year-old jewellery businessman in Hyderabad, demanded ₹15 crore from his family and collected ₹1.3 crore before releasing him, police said on Saturday.
Chikkadpally police, working with the Commissioner’s Task Force, Secunderabad Zone, arrested 10 people in connection with the case. Police seized ₹1.07 crore in cash, 118.26 grams of gold ornaments, five vehicles and nine mobile phones.
The victim, K Srinivas Rao, went missing on October 5 while travelling to his jewellery shop in Ramanthapur. His brother-in-law lodged a complaint, and Chikkadpally police registered a missing-person case.
During the investigation, Rao told police that the gang abducted him near the Golnaka flyover. The accused blindfolded him and took him to an undisclosed location. They allegedly held him there and demanded ransom from his family.
Police said the kidnapping stemmed from a dispute over a real estate venture at Hemanagar in Boduppal. The prime accused, Dumavath Srikanth, allegedly held a grudge against Rao over the venture. He planned the abduction in August with Gunjapogu Suresh, alias Surya and Suri, and Srinivas Reddy.
The gang allegedly used vehicles with fake number plates and repeatedly switched vehicles to evade detection. Investigators suspect the accused wanted to pressure Rao over the property dispute and extort money from his family. The seized vehicles include a Mahindra Bolero, a Maruti Suzuki Ertiga, a Kia Seltos and two two-wheelers.
Police said Srikanth is linked to 16 cheating cases registered at police stations in LB Nagar, Medipally, Saroornagar and Vanasthalipuram under the Malkajgiri Commissionerate. Suresh is linked to cases of property offences, theft, robbery, extortion and kidnapping for ransom. Another accused, Bandari Samson, alias Lucky, is linked to five property offences, including house-breaking and theft.
Two suspects, including Srinivas Reddy, remain on the run, and police are pursuing the remaining ransom amount. The operation was carried out under the supervision of DCP Rakshitha Krishna Murthy, DCP Task Force Vaibhav Gaikwad, Additional DCP J Narasaiah and ACP G Ranaveer Reddy.
