The four people, who are suspects in the kidnapping of Russian Armenian businessman Sergey Budagov, have been placed under arrest. 

The Russian Investigative Committee informed that, during questioning, these persons confessed to having kidnapped the businessman for ransom, reported RIA Novosti news agency of Russia.

As per the investigative committee, Budagov was kidnapped on July 10, by an armed group. Subsequently, the kidnappers demanded 20 million Russian rubles (approx. US$321,500) for the release of the businessman.  

A criminal case was launched into this kidnapping. 

During a special operation on the night of July 13, the law enforcement agencies rescued Budagov.

The court granted the motion of the investigative bodies, and ruled that the four suspects in Sergey Budagov’s kidnapping be arrested.