Director of Shanta Group Abu Sayed was kidnapped at gunpoint from Tejgaon at around 12:30pm.

The kidnappers stopped Sayed's private car as it reached Jisan Pharmacy in Tejgaon and drove away in his car.

The kidnappers later rang Sayed's wife and demanded Tk 10 lakh in ransom.

His family members immediately informed police and said they are willing to pay up for his safe return.

Police were initially reluctant about the ransom and top police officials met several times to find a way of rescuing the executive. The abduction was also not recorded with any police station during the day as police were too embarrassed to have the news leaked.

After prolonged discussions, police agreed to pay the ransom as they thought any mistake would bring the fate of Chittagong magnate Jamaluddin Ahmed Chowdhury upon Sayed too.

Later, Sayed's family negotiated with the kidnappers to pay Tk 6 lakh at Nurjahan Hotel in Comilla. The abductors instructed the family to come with the cash in a black cab.

Four teams -- two of Rapid Action Team (Rat) and two of Detective Branch (DB) -- worked out the rescue operation and at 12 midnight, the forces trailed the black cab that carried the ransom to Comilla. Sayed's brother-in-law carried the money.

In front of Nurjahan Hotel, four of the abductors appeared in Sayed's car at 2:30am, whisked the brother-in-law in, seized his mobile phone and headed for Laksam.

The abductors went to a remote village in Harishpur in Laksam, where they left the brother-in-law on the road with the car. The kidnappers also left a local on guard.

A little later, they brought Sayed to the road and asked him to walk to the car.

As Sayed was walking down, the police teams appeared and arrested the man kept on guard at the car. Police later raided the house where Sayed was confined and arrested another man.

Police also recovered Tk 30,000 from a house.

A police press release claimed Sayed was rescued following a raid on a mess near Harishpur School in Laksham.

Deputy Commissioner of the DB Farook Ahmed yesterday denied having paid any ransom and said fake notes were used to fool the kidnappers, a claim not corroborated by sources close to Sayed's family.