Police said Ramprasad Mistry and his wife Priyanka Halder were arrested by police from Moukhali village near Canning after tracking their mobile phones and the boy was rescued safely.
The couple abducted five-year-old Akash Majhi, the son of a jewellery seller Gopal Majhi in Hyderabad.
Mistry used to work in Gopal's jewellery unit in Hyderabad and took away his son from his residence by luring him to buy fireworks, the police said.
Mistry later demanded 3 kg gold as ransom to release the boy, the police said.
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