The victim's family sources said armed cadres allegedly belonging to Jatiyatabadi Chhatra Dal (JCD) kidnapped Zahiruddin Babar from his residence in the colony at around 10:30pm Friday and demanded a Tk 5 lakh ransom for his release.

But the quick arrest of the five alleged members of the gang during block raids prompted the rest of the abductors to set the businessman free in a hilly area near Chittagong Cantonment. Police rescued him from there at around 4:00am yesterday.

The five -- Habibur Rahman, Mohammad Iqbal, Mohammad Ali Bihari, Mobakkar and Zahidur Rahman were arrested in Firoz Shah and adjoining areas after the victim's elder brother filed a case Friday night accusing 10 people of abducting Babar.

"Local JCD cadres have been demanding money from us since we bought the two-storey house in the colony for Tk 35 lakh in September," said Jamshedur Rahman, the elder brother of Babar.

Babar's younger brother Jafrul Islam Shimul said, "JCD cadres Bhulu, Sallu, Murad (senior), Murad (junior) and Rubel -- the five who masterminded the abduction -- called my brother out to the nearby Sadia Departmental Store at 9:15pm on Friday and demanded Tk 50,000."

"After my brother returned home at around 10:30pm, the gang members also came to our house and took Babar outside at gunpoint. They beat him up in front of over a hundred people and then took him away through the hills," Shimul said.

Babar's wife Rozina Akter Shahia said, "The kidnappers called us at least five times from my husband's mobile phone and threatened to kill him unless a ransom of Tk 5 lakh was paid."

"We are still worried because the masterminds are still at large," said Jamshed.

The gang robbed Babar of Tk 5,000, a wristwatch and a gold chain. Khulshi Police have launched a manhunt for the five fugitives.