Money dispute leads to businessman’s abduction; gets released later | Hyderabad News

Hyderabad: A 38-year-old businessman from Gajularamaram was allegedly kidnapped by his business associate and others over a financial dispute on Thursday. After Jagadgirigutta police registered a kidnapping case and launched a search operation, the victim returned home safely and informed police that he had been released. Police have taken some suspects into custody for questioning.The victim, Ashok Reddy, who runs a ready-mix concrete business in Gajularamaram, was allegedly abducted by five persons shortly after dropping his children at school at around 9 am on Oct 7. Alerted by a school van driver, the victim’s wife, Swathi, went to the school and approached the police. Based on her complaint, a case was registered under section 137(2) (kidnapping) of the BNS the same day.Swathi alleged that her husband had a dispute with a business associate, Chandrasekhar, over losses incurred in the business. “For the past few days, unknown persons have been calling my husband and demanding money. They threatened to kidnap our children if the money was not paid,” she alleged.As police launched a manhunt to trace the offenders, Ashok approached them on Thursday night, stating that he had been released after the kidnappers noticed police calling his mobile phone. “They took me to a forest area near Jadcherla and beat me up. They made me sign blank bond papers,” Ashok told police.“We have some suspects in custody. We are recording the victim’s statement and questioning the suspects. Appropriate legal action will be initiated based on further investigation,” Quthbullapur ACP AC Balagangi Reddy said.