Rahul Saxena's body was found on November 9 in Kavi Nagar, the police said.
The 27-year-old had gone missing on November 7 from Delhi, following which a case was registered. Later, Saxena's family members received a ransom call of Rs 20 lakh, they said.
The police said it had identified some suspects and are questioning some people, including the victim's family members.
Saxena's family had alleged that he was killed because of a long-standing property dispute and also that he had gone missing after he left with two property dealers, whom he knew, the police said.
They are also raiding areas in western Uttar Pradesh to nab some suspects.