The deceased, Philip Nadar, a resident of Kasam Baugh under Dindhosi police station limits in Malad, was into the business of money-lending.
At around 8.30 PM yesterday, one Ganesh Mandekar called Nadar to a nearby place on the pretext of returning money. Mandekar along with two others allegedly killed Nadar there, a senior police officer said.
Police have arrested Ganesh, while a hunt is on for the two other accused Balu Taurbe and Shrikant Kamble, he said.
The post-mortem of the body was conducted, police said adding that the incident was being probed.
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