Usha Kamble (52) and Rashi (1), mother and daughter of local scribe Ravikant Kamble, were missing since last evening, police said.
"Usha and Rashi had gone missing since last evening. Their bodies with injury marks were found in a nullah in Bahadura area around 10.30 am today," a police officer said.
"It is suspected that they were killed with a sharp weapon by unidentified persons," he added.
Deputy Commissioner of Police Nilesh Bharne told PTI that Usha Kamble was into money-lending business.
Bodies have been sent for autopsy, the DCP said.
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