Obulesh had fired at Nithyananda Reddy the head of a pharmaceutical company yesterday.
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Obulesh will now be questioned thoroughly by the Hyderabad police. However preliminary investigation had revealed that it was a case of abduction for ransom.
Reddy was shot at by Obulesh yesterday at the plush Banjara Hills area in Hyderabad when the former was out on his morning walk. An AK-47 rifle stolen from the Grey Hounds team last year was used in the incident.