Panaji,  A day after a businessman was kidnapped for ransom, five accused were arrested on Thursday and the attempt to extract Rs 1 crore for his release was foiled, Goa Director General of Police Mukesh Kumar Meena said.

The accused had kidnapped plywood supplier Navin Patel from Thivim village in North Goa on Wednesday and demanded Rs 1 crore in ransom from his wife.

"In all, five persons have been detained and action will be taken as per evidence collected against them," he said.

The five were identified as Birendra Kumar, 26, from Bihar, Nishant Mogan, 22, from Mangaluru, Manjunath Baiganoor, 28, from Candolim, Sujit Kesarkar, 25, and Subhash Bhonsle, 51, both from Maharashtra's Kolhapur.

The accused were arrested after the police tracked down the location of a stolen mobile phone used by them to place the ransom demand.

Patel was later found at an abandoned building in Agacaim village in North Goa.