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The incident involves kidnapping, extortion, and impersonation, with police investigating the complex operation and business model behind the illegal currency exchange.
Police suspect a business rivalry motivated the kidnapping and are continuing their investigation.
Residents who witnessed the incident alerted the control room, following which the Chevayur police began a chase.
The Nigerian government has not commented on the number of students and teachers abducted.
The de facto complainant had stated that the complaint was filed due to a misunderstanding.
Rahees, a Wayanad native in his 30s, was abducted by an eight-member gang.
The accused has been booked under the Protection of Children from Sexual Offences (POCSO) Act.
He had financial dealings with the kidnappers and was forcefully taken by car
The investigation revealed a syndicate posing as dollar traders and online gaming agents to collect bank details and route cybercrime proceeds.
The girls, yet to recover from the shock, said two men and a woman tried to take them away in a car and they left the kids free as a stray dog charged upon them
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