KARACHI, May 12: A local industrialist kidnapped over a week ago was freed after his two suspected captors were gunned down in a shootout with police in Pipri early Thursday morning, officials said.

The officials said Fawad Mirza had been kidnapped while heading to his industrial unit in the Korangi industrial area.

The Anti-Violent Crime Cell (AVCC) of police and Citizens-Police Liaison Committee (CPLC) officials described the operation as a major success in the last two years, explaining that the abduction had caused fear in the business community.

“The kidnappers had demanded Rs60 million and finally agreed on Rs50 million to release the victim,” said AVCC chief SSP Farooq Awan, who headed his team of officials working with those under CPLC chief Ahmed Chinoy.

“We raided [the place] and an exchange of fire ensued that ended with the killing of the two kidnappers. We finally recovered the victim unharmed.” He said the police also seized an AK-47 assault rifle and two pistols found in the possession of the kidnappers.

The CPLC chief said the kidnappers were traced through their cellphone calls, as they were in constant contact with the family of the hostage.

He said the investigators had asked the family to engage the kidnappers calling for ransom in bargain so that their location could be determined. “And finally we succeeded.”

Mr Chinoy said: “The kidnappers killed in the encounter have not yet been identified. They seemed to be in their early 30s.”

However, he added, “We have reason to believe that there are other members of the gang who were not there when we raided.”

He said that the investigators had found some key leads to other gangsters.

He claimed that the number of kidnapping cases declined this year due to a proactive strategy that resulted in elimination of more than a dozen gangs involved in the crime.