Police teams from Madhya Pradesh and Haryana, along with Special Task Force (STF) personnel from Uttar Pradesh were involved in the operation to rescue Rajesh Jain, IG (Indore), Vipin Maheshwari, told reporters here.
An AK-47 rifle, six pistols, five hand-grenades and a large number of cartridges were eecovered from the four accused who have serious criminal records, Maheshwari added.
Jain was abducted on Saturday with his abductors having sought a ransom of Rs 5 crore for his release, police said.
The accused have been identified as Sunil Bhadouria, Mohd Inam alias Haji, Omkar Singh and Pradeep, the IG said.
Jain was kidnapped from Lasudia area by the accused who had lured him on pretext of a land deal, said SP Manoj Sharma.
The kidnappers, posing as realtors, first befriended Jain at a hotel in Khandwa, later asking him to accompany them to Indore, leaving behind his three associates.
To a query whether any ransom was paid to secure Jain's release, Sharma said the businessman's family had turned down the demand.
