Ashish Sakhiya, who was kidnapped from University Road on June 15, was found murdered, they said.
According to police, the kidnappers had demanded a ransom of Rs 20 lakh for his release.
After receiving the ransom call, the victim's parents Ganeshbhai and Labhuben informed the city police commissioner H P Singh about it, police said.
However, the youth was found murdered near the farm and a manhunt has been launched to nab the offenders, who were yet to be identified, police added.