The body of Shetty (30) who had gone missing on December 28, was found abandoned in a hilly terrain near the church at Niddodi Daddu village near here on January 1.
Police commissioner Chandra Sekhar told reporters that the arrested were Prasad Acharya (27), from Kodethur, Rajesh Shetty (32), from Niddodi, Tilak Poojary (26), also from Niddodi, and Prakash (28), from of Mudigere, Chikkamagaluru.
They were taken into custody on January 10 near Niddodi.
Shetty was last seen alighting from a bus and travelling by a car.
Prasad Acharya, who had borrowed Rs 30 lakh from Shetty took him by car to a stone quarry on the pretext of showing it to Umesh, murdered him there with the help of other accused and discarded the body in the hilly forest area, the commissioner said.
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