The incident, which took place in Bhim Jyoti Nagar in Chikhali tehsil town, came to light yesterday.
The deceased, Nanda Digambar Gawai (35), had been missing since July 8 after she went to the house of a couple Vimal and her husband Yuvraj Jadhav, who had taken money from her, police said.
Gawai asked the couple to return her money with interest which allegedly led to a heated argument after which the woman was murdered by the duo, they said.
Police raided Jadhav's house yesterday and exhumed the mutilated body.
The couple, who has reportedly confessed to killing the woman, has been arrested and charged with murder and destruction of evidence.
