Police suspect that Sumitra Honde was shot dead allegedly by the accused, identified as Vilas Honde (20) when she resisted his advances.
The incident occurred on January 2 when Sumitra, a director with a sugar factory, was found lying in a pool of blood.
District SP Jyotipriya Singh said Vilas has been interrogated by the police to ascertain the motive behind the murder.
He was produced before a court, which remanded him in police custody till January 11.