CHENNAI: A financier was kidnapped and assaulted on Saturday by a gang led by a borrower. The police have arrested three men so far and have launched a search for others.
The Triplicane police initiated investigations based on a complaint from S Selvakannan (53) of Nungambakkam. Four months ago, one of the accused, Linga Saravanan, had approached Selvakannan and mortgaged his car and took a loan of Rs 2 lakh from him.
Selvakannan arranged for the money from his acquaintance, Benny, who took possession of the car. Linga Saravanan defaulted on paying the interest amount to Selvakannan, who could not pay Benny's share. After this, Benny allegedly sold the car to a third party.
Infuriated over this, Linga Saravanan arranged for a meeting with Selvakannan, and when the latter came to meet him, he abducted him in a car and took him to a secluded spot where he and his group assaulted Selvakannan and demanded Rs 5 lakh ransom from him.
On noticing public movement, the gang fled the scene, after which Selvakannan approached the Triplicane police with a complaint.
Police arrested Linga Saravanan (33) and his associates, Sivanandam (45) and Murali (39). They were produced before a magistrate and remanded in judicial custody.