Two of the accused have been arrested, a police official said.
The incident took place yesterday near a temple in Peeplinaka area in Ujjain district.
In a video of the incident which went viral, the accused were seen beating the man with a belt, and kicking and punching him while alleging that he had cut the tail of a cow.
However, Jiwajiganj police station in-charge O P Mishra said the accused had a dispute with the victim over money and therefore, they thrashed him.
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The accused, identified as Chetan Sankhla, Vikas alias Bhura, Nilesh Sankhla and Shubham, have been booked under IPC sections pertaining to voluntarily causing hurt and criminal intimidation, Mishra said.
Police had yesterday arrested Chetan and Vikas while the others are absconding, the official said.
Further investigation was on in the incident, he said.