Bengaluru: The two accused who kidnapped a cloth merchant was arrested by the Central Crime Branch police team on Wednesday from Jayanagar.
One of the accused was having previous crime records and found to be a former national-level boxing champion. The other was his assistant.
On police investigation it was later learned that the accused Manjunath kidnapped the victim, Kaliash Jain at Chickpet on the order of his business partner Babulal who claimed that the victim owed him Rs.1.5 crore. Manjunath and his associate Ramu, who were involved have been arrested.
According to the police, Kaliash Jain had borrowed Rs.1.5 crore from his business partner Babulal, but the two had a quarrel.
When Babulal asked for the return of the money Kaliash Jain refused to return so he approached Manjunath for help.
On Monday, the accused kidnapped Kaliash Jain and confined him illegally at an Internet service centre at Mamulpet. Manjunath and Ramu allegedly persuaded Jain to arrange for Rs.3 lakh in cash after the merchant said that he did not have Rs.1. 5 crore cash. They let him off after receiving Rs. 3 lakh and asked him to arrange for the rest of the cash by Tuesday.
On his release, Kaliash Jain approached the Central Crime Branch police, who formed a team to investigate the case. The accused Manjunath and Ramu were nabbed by the police when they approached the cloth merchant on Wednesday.
The police said that the inquiries revealed that Manjunath was working for gangster Cycle Ravi allies Ravi Kumar where he would recover money and settle financial disputes. He later formed his own gang and operated in Chickpet and Majestic areas, where he would threaten and extort businessmen.
The Central Crime Branch has also taken up a case against Babulal for allegedly hiring Manjunath to recover his investment.