The victim Shishir Pandey, 24, a second year MBA student of Awadh University, was strangulated to death by his three classmates - Sunil Pandey, Anil Kumar and Afroz.
Shishir, who went missing June 20, was found dead Wednesday. His body was recovered from the well of a school in Ayodhya town.
"Preliminary investigations reveal Shishir had borrowed Rs.50,000 from Sunil a few weeks back. As Shishir was unable to return the money within the deadline, Sunil along with his two friends (Anil Kumar and Afroz) killed him," police inspector Devi Pandey told reporters in Faizabad, some 200 km from Lucknow.
"The two students arrested on charges of killing Shishir have confessed to their crime. Efforts are on to trace the third student, who was involved in the murder," he said.
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