Police identified the alleged masterminds as Joseph Singh, 21, and Surgit Singh, 21, and their Filipino accomplices as Edgar Macaraig, 31, of Pangasinan; Angelito Sampang, 36; and Edward Analos, both of Tarlac.
Police said the suspects abducted small-town lender Paul Naal Iqbal last March 18 and demanded a P50-million ransom, but later agreed to reduce the ransom to P1.45 million after negotiations.
Iqbal’s relatives initially refused to cooperate with the police and paid the ransom. — Christina Mendez