Jatin was kidnapped from Burari area in North Delhi around 12:30 pm on Saturday and strangled him to death after two hours, according to police.
Four persons identified as Sandeep, Sandeep alias Sunny, Mukesh and Gautam were arrested in the connection.
The four accused, who were debt-ridden due to their gambling habit, kidnapped the minor for ransom but due to the fear of getting caught murdered the child soon after, police said.
According to police, one of the accused is a freelance photographer while another runs a medicine store in Sant Nagar area in North Delhi. The kidnapping was made by the accused to clear their debts.
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Following which, his family had lodged a complaint at Burari police station.
Jatin's body, with multiple injury marks, was recovered from near a drain in Alipur area of Outer Delhi on last night. He was spotted by a passer-by who informed the police.
The minor was rushed to a nearby hospital by the police, where he was declared brought dead, police said.