The incident took place last night when Vikas Sharma, in his mid-thirties, was allegedly stabbed to death for not repaying 10 lakh that he had borrowed from Neeraj four years ago during councilor's elections as his wife was contesting for the same post, police said.
Neeraj along with his associates had heated argument and scuffle with him and in a gush of rage he allegedly stabbed Vikas.
Prima facie it seems to be a prolonged monetary, Superintendent of Police (SP) Salman Taj Patil said.
An FIR has been registered against six persons under different sections of IPC, police said, adding prime accuse Neeraj has been arrested and other absconders will be nabbed soon.