Abducted bizman rescued within hours; financier held

The police control room received a distress call around 11.45 am and the caller Suresh claimed that his friend, A Paramasivam (52), a businessman residing in Palavakkam, was abducted by a group of men in T Nagar. 

The Pondy Bazaar station was soon alerted, after which a team of police officials rushed to the spot the victim’s friend had mentioned over phone - V K Finance located on Dr Sadasivam Road - and rescued Paramasivam.

During the investigation, it was found that Paramasivam’s friend Suraj pledged the former’s Scorpio car documents with financier Naresh Kothari of V K Finance and obtained Rs 1.5 lakh loan, without his knowledge. Paramasivam himself gave Suraj the documents in exchange for an unknown sum and since Paramasivam didn’t return the money, Suraj pledged the vehicle to Naresh. Meanwhile, due to non-payment of loan, Naresh wanted to seize the vehicle and on Saturday abducted Paramasivam in his car.

Police arrested five men including Naresh Kothari (31), his brother Kamalesh Kothari (35), Paramaguru (35) and Gilbert (36), both residing in Nungambakkam and Paramasivam (47) of Choolaimedu.

The investigation officer said that the financiers have the right to seize the vehicle if it was hypothecated to the financier but not otherwise. The five men have been booked under Sections of 341, 363, 294 (b) and 506 (i) of the IPC and were remanded in judicial custody on Sunday.