Bengaluru police have arrested the alleged mastermind of the macabre double murder reported from Hebbal-Kempapura on July 11.
Arun Kumar Azad, the owner of fiber net company Gnet Broadband, is the fourth suspect arrested by the police in the sensational case.
Deputy Commissioner of Police (Northeast) B M Laxmi Prasad confirmed Arun Kumar's arrest on Thursday and said the investigation was under way to ascertain his role in the "conspiracy".
DH had earlier reported that the police had picked up Arun Kumar for questioning.
Arun Kumar is suspected to have hired three men, including Kannada rapper and Instagram influencer Shabarish alias 'Joker' Felix, to eliminate Phanindra Subramanyam, the managing director of rival fiber net company Aironics Media Pvt Ltd.
The three-member gang fatally hacked Subramanyam and Aironics CEO, R Vinu Kumar, at the company's office in Pampa Extension, Hebbal-Kempapura, around 3.35 pm on July 11, according to police and eyewitness accounts.
The business rivalry between Aironics and Gnet Broadband is reported to be behind the cold-blooded murders.
Subramanyam and Vinu Kumar previously worked for Gnet but left it to found their own company, Aironics Media Pvt Ltd. They hired nearly hired all of their staff from Gnet and offered cheap broadband plans, eating into Gnet's business.
Arun Kumar became furious and threatened to get Subramanyam killed. He entrusted the job to Felix, one of his employees, and two others (Santhosh Kumar alias Santu and Vinay Reddy), according to police sources.
Meanwhile, a magistrate court on Thursday remanded Felix, Santhosh and Reddy in police custody for eight days for further investigation, the DCP said.