Ashu's body was found in the Dankaur area here last night.
A student of Class X, Ashu had gone missing on October 23 after he went to market to get his brother's auto repaired.
Following a complaint by Ashu's family, police yesterday night arrested Rohit Nagar, a resident of Kanarsi here.
During interrogation, Rohit said he along with a history sheeter Dilshad had killed Ashu. He claimed they were paid Rs 2 lakh for it. They have been sent to jail today, police said.
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On the basis of the information provided by them, Ashu's body was located.
The police claimed that Ashu had a love affair with a girl, but the girl's brother was opposed to the relationship and so he planned the murder and hired the contract killers.
They said the brother is absconding and added that a manhunt has been launched to arrest him.
Ashu's family, however, do not believe the police version and they along with some residents held protests here today.