Hyderabad: Five people have been arrested in connection with the killing of a 49-year-old businessman by a gang here early this month, police said Monday.

Those arrested included prime accused K Satyanarayana alias Satyam, a Vijayawada-based business rival of victim T Ram Prasad, who had allegedly hired the gang members, police said.

Long-standing business related financial dispute over Rs 23 crore was the reason for the murder, they said adding Satyam had been arrested in 2002 on a complaint by Prasad and since then the former had been bearing a grudge.

The five were arrested based on a complaint by Prasad's wife about the business issues and that she suspected Satyam to behind the fatal attack.

The gang had hacked Prasad with swords on July 6 night at Punjagutta when he was returning to his office from a nearby temple and fled the scene. He succumbed to serious injuries at a hospital the next day.

A hunt was on to nab six other accused, who were absconding, police added. (PTI)

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