Sudhir Mahajan (55), managing director of M/S BDM & Sons (Pvt) Ltd, was abducted late Tuesday while he was headed home in the town from his factory. He was rescued from Khatauli town of Muzaffarnagar district late Wednesday.
"The three men guarding Mahajan have been arrested. They have been identified as Omvir, Sushil and Krishna - all residents of Rachauti village in Muzaffarnagar," Meerut Senior Superintendent of Police K. Satryanarayan said.
"They confessed during interrogation that a local gangster Hem Singh and Mahajan's driver Ravinder were behind the kidnapping. Both are absconding," he said.
A police team has been formed to nab the duo, Satryanarayan added.
He said that police swung into action immediately after the abduction and cornered the culprits. "The businessman was rescued within 24 hours," he said.
The kidnappers had demanded a ransom of Rs.2 crore for the release of the maker of famous BDM cricket kit.