The body of Shivshankar alias Nikku Chourasia (23) was found in Kashimira with his face smashed on November 23.
Chourasia used to help his father in his paan shop.
API Prafulla Wagh of Kashimira unit of Thane Rural LCB said robbery seemed to be the motive behind the murder and the accused were known to the victim.
Chourasia was allegedly murdered after his drink was laced with some sedatives.
Police identified the trio who had accompanied the youth to a bar through CCTV camera footage.
Two other accused Rupesh Shah and Mantu Patel were arrested from Narkatiaganj in Bihar.
Police recovered two tolas of gold which the accused had taken from body of the deceased and later sold it.
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