Deputy Commissioner of Police K Santhosh Babu told reporters that the arrested persons told the police that internal rivalry over financial issues and ego clash were behind the murder.
The main accused Satish was absconding and would be arrested soon, he said.
Those arrested today were identified as Lithesh from Soorinje, Shobi (Mandya), Yuvaraj , a resident of Delantabettu, Krishna from Mannabettu and Bharat who allegedly assisted them in executing the crime.
The DCP said there was no evidence to connect the crime to ganja mafia and the financial issues between Shetty and two of the accused Satish and Lithesh led to the murder. The arrested persons were taken to the spot of the crime forinvestigation, he said.