In a shocking development, the Delhi police had arrested six students including two MBA students for kidnapping a 15-year-old Class IX student from Saket in south Delhi.

The 15 year old Arjun Verma was kidnapped on the morning of November 20 from Saket while he was going to school.

The police arrested Piyush Jain (21) and Rohit Chopra (24) — Jain is pursuing MBA from IMT-Ghaziabad, and the latter doing BBA from IGNOU. The third youth, Bharat Jhamb, 21, is a cousin of the victim.

According to the police, the accused had demanded a ransom of Rs 80 lakhs for the boy's safe release.

Giving this information at a press conference, H G S Dhaliwal, Deputy Commissioner of Police (South Delhi) said, “Jain, who is also a stock sub-broker, had made heavy losses in the recent stock market crash. Chopra lost his money in the property market in Gurgaon and other National Capital Region areas.”

The police also arrested three other people, Dalip Singh Rathore, 24, Parveen Kashyap, 27, and Ramesh Singh, 30, on the charges of kidnapping. A Hyundai Car used in the crime has been recovered from them.

Arjun’s father had died last year and his mother is a house wife. According to the police the family has a lot of property in Saket.