Jitendra Holkar (47) was allegedly murdered in the wee hours of Saturday in Chhatrapati Nagar locality of Satara area near the city.
Holkar was working as a branch manager with a district bank at Shekta village in Paithan tehsil of the district.
"The wife of the slain bank officer, a political party worker and two others were nabbed within 24 hours on the charge of murder," said a senior police official.
"The deceased Jitendra Holkar used to doubt his wife Bhagyashree's character and so she made a plan to eliminate him with the help of a political party activist Kiran Ganore," said Deputy Commissioner of Police (DCP) Rahul Shrirame.
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Tauseef and Hussain murdered Holkar by silting his throat, said the official.
DCP Dipali Dhate-Ghadge said the CCTV footage of the locality police showed Ganorkar and Tauseef moving in a suspicious manner in the locality.
Later on a tip off, that Tauseef had committed some crime, police arrested him and he spilled the beans about the act, said the official.