The incident occurred in Hashtnagri area in Peshawar on Saturday when Fazal Qadir and his son Fazal Hussain resorted to firing following a money dispute, killing the four sisters.
The accused, Fazal Qadir and his son Fazal Hussain, were arrested from Mathani area of Frontier Region while police is looking out for remaining two accused.
Police claimed to have recovered a weapon used in the murder case.
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