Vajresha was hacked to death by seven persons who attacked him in broad daylight here on October 27 as he came to talk to a friend at Yelahanka.
The five, taken into custody yesterday, admitted to the crime, police said, adding, search is on to catch two others who are absconding.
The arrested told the police they murdered 29-year-old Vajresha as he, along with his accomplices, had hatched a plot to kill them to settle an old enmity.
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