State police has arrested five persons in connection with the murder of a businessman here thereby solving the mystery behind the killing, West Zone Deputy Commissioner of Police (DCP) AR Srinivas said on Monday.
Six other accused in the incident are reportedly absconding.
The five arrested accused were identified as K Satyanarayana (60), T Shyam Sunder (50), P Bala Naga Anjaneya Prasad (35), M Pritham (22) and P Ramu (27).
"The mastermind namely Satyam and the deceased Ram Prasad were business partners. The two worked together from 2003 to 2013. Ram Prasad owed Satyam Rs 70 crores. Ram Prasad's family cleared debts to the tune of Rs 23 Crore. But after 2015 Ram Prasad did not pay the rest of the amount. Owing to the pressure of the debt, Ram Prasad shifted his business base from Vijayawada to Panjagutta," Srinivas told ANI here.
Satyam tried to reach out to Ram Prasad multiple times but the latter did not clear his dues. Satyam also filed multiple cases against Ram Prasad in different police stations.
"It is due to the nonpayment of dues and the cases that Satyam hatched a conspiracy to kill Ram Prasad," Srinivas said.
On July 6, Satyam along with rest of the accused reached Ram Prasad's office and killed him.
The police recovered three bloodstained swords, one four-wheeler, one two-wheeler, and four mobile phones from the possession of the suspects.
The suspects were produced in the court and remanded to judicial custody.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)