Korubilli Damodar, son of businessman K Srinivasa Rao from Chintala Agraharam area in Pendurthi mandal of the city, had been missing since Monday night.
Rao received a call from the alleged kidnappers last evening who demanded Rs 30 lakhs to release the boy, Pendurthi police station inspector K Lakshmana Murthy said.
Four special teams of police have been formed to search for the kidnappers and nab them, he added.
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