The body of Siddharth Sanghavi, who was a vice-president at HDFC Bank, was found in Mumbai's Kalyan on Monday morning, News18 reported. The 39-year-old had been reported missing from last Wednesday.
A 20-year-old cab driver named Sarfaraz Shaikh has been arrested in connection with the murder. Shaikh has alleged that the crime was a result of "professional rivalry" and that four people were involved in the conspiracy.
PTI reported that the missing bank executive's car was found abandoned on Friday in Navi Mumbai with blood stains on its rear seat.
Sanghavi, a resident of upscale Malabar Hill area in South Mumbai, used to travel to Kamala Mills compound in Parel, Central Mumbai, where his office is located.
An India Today report quoted senior police officials as saying that several HDFC bank employees were being investigated.