Gamanlal Gehlot's (65) body was found in a pool of blood at his residence at Annapurna area yesterday, Deputy Inspector General of Police (DIG) Santosh Kumar Singh said.
The police official said that Gamalal Gehlot's son Lekhraj gave contradictory statements to the police about his father's death.
After Lekhraj was grilled, he admitted to have offered Rs 1.5 lakh to the killers to murder his father, the police official said.
He confessed that he had paid Rs 45,000 as advance to his father's killers, the police official said.
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After Lekhraj's father disapproved of his plan, he hatched a conspiracy to kill him, the police official said.
He said that Kunwar Singh Saini (29), Mukesh Rai (20) and Suraj Pawar (19) were arrested for killing Gamanlal Gehlot along with a sharp-edged weapon.
A manhunt has been launched to arrest one more accused who is still at large, the police official said, adding that further investigations are on.