HYDERABAD: The murder of financier B. Mohan Reddy, who was hacked to death two weeks ago at Rajendranagar, was a fall-out of faction feuds, police said on Tuesday.

Police arrested eight persons in connection with the killing. They ruled out complicity of Panyam former MLA B. Parthasarathi Reddy in the murder.

The financier developed differences with a farmer K. Venugopal Reddy, 60, who supported Congress candidate during the village president election last year. Animosity between them grew when the financier allegedly threatened the farmer of dire consequences if he interfered in village politics.

Rajendranagar ACP B. Mahipal Reddy said the farmer's son Ramchandra Reddy tried for a truce with the financier. Later, the father and the son, with the help of two of their relatives, hired four persons of local Boya community to eliminate Mohan Reddy offering Rs. 80,000, he explained.

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