Chennai, The Tamil Nadu police have arrested three persons including a Chennai-based financier for allegedly abducting a businessman who had failed to repay a loan of Rs 1 crore taken from the financier.

The arrested accused have been identified as Arockia Raj, the financier, Afrose, and Aravind his accomplices.

Saravanan, the real estate businessman, was abducted on Saturday evening by a gang allegedly led by a local financier Arockia Raj.

Saravanan had taken Rs 1 crore from Arockia Raj a few months ago but was unable to return the money.

According to the police, Saravanan received a call from Arockia Raj on Saturday about a new deal. The financier along with a few of his henchmen reached Saravanan's home, took the keys of two of his luxury cars, a watch and gold jewellery from there. Later they bundled Saravanan into a car and took off.

However, the family of Saravanan lodged a complaint with the police, which immediately swung into action.

The police team of T. Nagar police station searched the CCTV cameras through the road and intercepted the car on ECR. A special police team rescued Saravanan and recovered his two luxury cars.

Police told IANS that a manhunt is on for nine other people who were involved in the abduction.