The accused have been identified as Shareef (29), Khalid (41) and Sobi Khan (20), they said, adding that two others who planned the killing were absconding.
On the intervening night of October 4 and 5, two of the three accused were spotted with a heavy plastic bag on a scooter at Brahmpuri Road by a patrolling police party, the police said.
"When the police tried to stop them, the bag fell down and the duo changed directions and went towards Gautampuri," a senior police official said.
The body was partially burnt and both legs were tied together with a cord, the official said, adding that a case was registered at Seelampur Police Station.
Also Read
On the basis of the vehicle's registration number, the police traced the owner, Khalid, one of the arrested, who turned out to be the elder brother of Nadeem, the mastermind of the case, the official said.
Investigations further revealed that construction work was going on at one of the sites of Nadeem situated in Jafrabad.
The deceased was identified as Athar Abbas, a native of Mustafabad, who was a property dealer. He had lent Rs 5 lakh to Nadeem and the later had not returned it, he said.
He was demanding his money back regularly from Nadeem, who then hatched a conspiracy to eliminate Abbas along with his associates, the official informed.
On October 4, they called Abbas at his residence and consumed liquor at the site in Jafrabad. When Abbas became partially unconcious, Nadeem shot him dead and also tried to burn his body to conceal identity, he said.
All the arrested men have confessed to the crime. The other two accused Nadeem and Gulfam are still absconding, the official said.
Disclaimer: No Business Standard Journalist was involved in creation of this content