Police said that the arrested has been identified as Deepak, a resident of Sonipat district of Haryana. They said a gold chain with locket and a car have been recovered on his instance.
"Deepak had taken around Rs 1,55,000 as loan from his uncle Samunder Daiya and was unable to repay him. Deepak was heavily into betting and owed many persons in the 'satta' market a huge sum of money," said a senior police officer.
The officer said that Samunder had been missing from his house since May 25 this year.
Deepak told police that he wanted to eliminate his uncle as the latter was putting pressure on him to repay the loan, following which he chalked a murder plan, along with his friends -- Ajay and Monu.
"Then the trio kidnapped Samunder and took him near his native village in Sonipat district where they strangulated him first in his car, took away his purse and gold chain, and then dumped his body in an unused well located in Sonipat," the officer added.