Bulusu Suraiah was murdered at his residence in SBI officers colony in Ashok Nagar area here on April 24.
Police have also recovered cell phone, laptop and other valuables that were stolen from the bank officer's house besides seizing the motor-cycle used by the accused in the crime.
"It was a murder for gain. The main accused Vara Prasad (19) was an acquaintance of Suraiah. He conspired with his friends to murder both the bank officer and his wife who were living alone in their house and steal the valuables," additional SP Damodar told reporters today.
"When Suraiah took them to show the rooms, the three accused held him and slit his throat with knife. Later they went upstairs to kill the old lady. But on seeing them she sensed trouble and raised an alarm," said the police official.
The accused ran away taking along with them a cell phone, a laptop and other valuables kept on the table, he said.
Besides, Vara Prasad, the other accused have been identified as Khandavalli Satyaprabhu Kiran (20) and Poolla Kamesh (19), said Damodar.