A 36-year-old scrap dealer was killed in south Delhi's Sangam Vihar area, police said Thursday.
The deceased has been identified as Fateh Ali (36), a resident of Sangam Vihar here, they said.
One of the accused Rafiq, a distant relative of the victim, was arrested on Thursday, police said.
On Wednesday night, police got information regarding a body which was found outside a street in I-Block of Sangam Vihar.
They rushed to the spot and shifted the victim to AIIMS Trauma Centre where he was declared brought dead, a senior police officer said.
"During investigation, it was revealed that Ali had borrowed around Rs 4 lakh to Rs 5 lakh from one Pintu, who resides in the same locality," said Deputy Commissioner of Police (South), Vijay Kumar.
Police said that Pintu used to give funds to scrap dealers living in the area.
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Pintu had been asking Ali to return his money but the deceased could not do so despite promising him several times, police said.
Later, Ali told Pintu that if he cannot give him more time to return the amount then, he can forget his money, police said.
Ali's attitude enraged Pintu and he decided to teach him a lesson, police said.
Pintu knew that Ali was going to Nadia district in West Bengal, his native place, on Thursday.
He called Ali through Rafiq, who also owed money to Pintu, on the pretext of carrying some of his belongings to his in-laws place who live in the same district, police said.
When Ali arrived at his house on Wednesday night, Pintu, who was drinking with Rafiq, confronted Ali and later stabbed him. Thereafter, Rafiq also stabbed Ali, Kumar said.
After stabbing Ali multiple times, Pintu shot him.
The incident took place on the first floor of Pintu's house. The duo then tried to dispose the body by bringing it down, police said.
However, they could not carry out their plan and left the victim outside the house and fled from there, the DCP said.
A case of murder has been registered at Sangam Vihar Police Station and Rafiq was arrested, police said, adding that they are looking to nab Pintu.