M N Tiwari, deputy commissioner of police (Outer), said Rahul Saxena's body was found by the Ghaziabad Police from a drain near Hindon Lake in Kavi Nagar on November 9 which was identified the next day, he said.
Saxena's family had alleged that he was killed because of a long-standing property dispute, they added.
He was running a business of e-rickshaws from three years in Kanjhawla and was residing in Buddh Vihar, Rohini with his family, the police said.
According to Saxena's sister, she received a message from her brother on November 7 saying he was going to Rohini sector 32 with two builders who happen to be his acquaintances, the police said.
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He also texted his employees in a showroom and since then he went missing, the police said.
His family alleged that they informed the Sultanpuri police station but the police did not pay heed to their complaint.
They claimed that the police asked them to come after 24 hours and it was only after a day that the case was registered.
Tiwari said that a case under Section 365 (Kidnapping or abducting with intent secretly and wrongfully to confine, punishable with a maximum sentence of seven years) of the Indian Penal Code was registered on November 7 when the family approached the police.
Saxena's family claimed that after receiving the ransom call, they informed the police but they did not get a favourable response from their end.
They alleged that they had arranged Rs 10 lakh but did not get a call from the people who were holding Saxena captive.
Saxena's family also claimed that they had a property dispute with a neighbour and expressed suspicion about his involvement.
The car and phone is still missing and could not be recovered yet. There have been no arrests so far, police said.
A post-mortem was conducted after the body was foundhere, Akash Tomar, Superintendent of police, City, Ghaziabad, said.
The Delhi Police is carrying out a probe, he added.