While the incident took place on Wednesday last, Bansidhar Bhoi of Dahigaon village succumbed to his injuries late on Thursday evening.
Registering a case, the police were investigating into the matter after detaining five persons in this connection.
Meanwhile, hundreds of Dalits from the locality gheraoed the police station demanding immediate arrest of the accused.
Sources said at least eight tarpaulins of the school were found missing on Tuesday and the villagers traced the stolen items to the house of Bansidhar on Wednesday last.
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On Thursday morning, a profusely bleeding Banshidhar was found lying in a pool of blood at a deserted place outside the village.
The Police rushed him to the hospital, but Banshidhar died while undergoing treatment later on that day.
Enraged over the incident, some Dalit leaders took the body of Bansidhar to Bentakar police outpost and refused to cremate the body until the murders were arrested.
The body was cremated after the police assured them of stringent action against the guilty.