NUSAJAYA, Malaysia : Several college students are among the more than a dozen suspects arrested for allegedly kidnapping a transport company owner and demanding a RM3mil (S$12.2 million) ransom.

The suspects, aged between 18 and 30, were picked up in a series of raids around the city here over the past few days.

It was understood several parang-wielding men had kidnapped the businessman, a multi-millionaire in his 40s, near his house in Pulai.

The suspects bundled the victim into a car and took him to an undisclosed location before contacting his family for ransom.

The suspects warned the family not to contact the police.

After several days of negotiations, the family managed to lower the demand to RM280,000 from the initial RM3mil.

The money, placed inside a bag, was dropped off at an undisclosed location in Tampoi.

Hours after the businessman was released, police started arresting the suspects around the city.

Police have also recovered an undisclosed amount of the ransom.

The victim, who was released unharmed, had been kept in a house in Masai for at least three days before being released.

Police have since remanded the suspects and investigations are being carried out under the Kidnapping Act.

Those with information are urged to contact the police hotline at 07-221 2999. -The Star/ANN