Senior Superintendent Marcelino Franco Jr., Northern Police District chief, identified the suspects as Leonardo Soto, 33, of New Manila, Quezon City, the alleged leader; Paul Vincent Abeng, 20, and Anselmo Rempillo, 39, both of Barangay Tugatog, Malabon City.
The Caloocan police operation, led by Senior Superintendent Benjardi Mantele and Superintendent Dionisio Borromeo, resulted in the rescue of Dionisio Dungca Jr.
At least P1 million in cash, part of the P2-million ransom demand, was recovered.
Dungca, 67, executive vice president of Mercantile Insurance Corp., was snatched along 7th Avenue near Bonifacio street in Caloocan City at around 9 a.m. by four heavily armed men.
Soto, the gang leader, was the victims part-time driver. Prior to the abduction, the gang also extorted P80,000 from the victim
The suspects later brought the victim to their hideout at 607 Zabarte Road in Caloocan City North.
Borromeo, city police intelligence chief, said he received information about the abduction through a former gang member, who sent a text message to the Txt-a-Crime program of the Caloocan police . A surveillance operation was immediately undertaken.
At around 3:30 p.m. Tuesday, police waited for the suspects in Intramuros, Manila. Soto and his group withdrew the ransom money from a PCI Bank branch in the area. They were met by Dungcas employees, upon instructions from the victim.
After the withdrawal, the suspects sensed they were being followed so they scampered toward different directions. Soto was cornered when he entered the Department of Tourism compound, Borromeo said.
Soto led police to their lair in Caloocan City, resulting in the rescue of Dungca and the arrest of his two cohorts who served as the victims guards.
Apart from part of the ransom, police seized from the suspects an M-16 rifle, a 12-gauge shotgun and assorted ammunition.
Borromeo said that the gangs modus operandi was to deal directly with their victims for ransom and not through relatives to avoid detection by the police. Jerry Botial, Pete Laude, Christina Mendez