While the body of Banamali Naik (32) with gunshot marks was found in a pool of blood in the village, the other two were set free by the abductors, said Kalahandi SP Brijesh Rai.
The Maoists had left a leaflet in which they took responsibility for the act.
Search operation has been intensified in the area, he said.
More than 20 armed rebels had abducted the three villagers on the suspicion that they were acting as police informers on March 15.
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