One of the accused was the former employee of the businessman, police said.
The incident occurred on March 16 when two of the accused allegedly trailed the trader's car in western suburbs and forced him to stop on highway, police said.
They forcefully entered the car of the businessman, whose name has been withheld by police, and bound and gagged him, before driving towards Mira Road in Western Mumbai.
However, the businessman, who was made to sit on the back seat of the car, jumped out of the vehicle when it slowed down at a turning and fled.
"Eight years ago, Mukesh was working in the complainant's diamond polishing factory," said senior inspector Unit 11, Crime Branch, Chimaji Adhav.
According to police, Mukesh had started his own business some years back but incurred heavy losses.
He came in contact with Pandey, a history-sheeter, a few months back and the duo hatched a conspiracy to abduct the businessman for hefty ransom.
Morbiya, also a history-sheeter, and Parte were arrested for abetment to crime, police said, adding two more persons wanted in connection with the case are on the run.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors


Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share


Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor


Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements


Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app
