Shivam Jindal was abducted yesterday and a ransom of Rs 30 lakh demanded from his father Makhan Lal Jindal, they said.
When Makhan Lal approached police, the crime branch started investigating the matter. Later in the evening, three abductors were arrested from a hotel in Lucknow, police said.
One of the accused was identified as Shivam's friend, they said.
During interrogation, the accused revealed that Nitin and two others had taken the victim to cane fields in Patarkala village where they strangulated him, the police said.