3 Held for Kidnap and Assault of Businessman in Srikakulam District

 Visakhapatnam: Kasibugga police in Srikakulam district have arrested three individuals for kidnapping and assaulting a businessman over a financial dispute stemming from a building lease agreement.

Those taken into custody at the Palasa Bus Stand Junction are Potnur Venu Gopala Rao (Accused No. 1), Tatarau (A-3) and Jeevan Kumar (A-4). Those absconding are Boddepalli Srinivasa Rao (A-2), Ramesh (A-5), Ganesh (A-6) and a car driver identified only as A-7.

According to police, the accused forcibly dragged the victim, Vaishyaraju Lakshminarayana Raju of Palasa town, into a car near the supermarket in Palasa on November 6. They assaulted Lakshminarayana Raju, warned him that they would kill him, before abandoning him at a lonely place.

The case relates to a financial transaction involving a building in Amdalavalasa. Lakshminarayana Raju had leased the property to prime accused Potnur Venu Gopala Rao for ₹65 lakh.

However, Lakshminarayana Raju had also taken a loan against the property from a bank. When Lakshminarayana Raju defaulted on payment, the bank moved to seize the building. To prevent the seizure, Venu Gopala Rao and his family paid ₹1.1 crore to Lakshminarayana Raju, who subsequently registered the building as mortgaged to Venu Gopala Rao's family members.

However, when Lakshminarayana Raju failed to repay the outstanding amount, tensions escalated between him and Venu Gopala Rao. Following this, Venu Gopala Rao conspired with six others at Chintada village to kidnap and intimidate the victim.

Police are looking out for the four accused in the assault, who are absconding.