One person has been arrested in connection with the death.
A 20-year-old cab driver, Sarfaraz Shaikh, a resident of Koparkhairane in Navi Mumbai, was allegedly hired to kill Siddharth Sanghavi, who went missing on September 5 evening.
Shaikh revealed during questioning that he allegedly killed Sanghavi on Wednesday, the day he went missing and dumped his body near Haji Malang Pada in Kalyan in neighbouring Thane district, an official said.
Based on this information, four other people, including a woman, have been detained in connection with the case, the police added.
According to initial probe, the bank executive, who was promoted recently, was killed over professional rivalry, the official said.
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.
His family members lodged a missing person complaint on September 5, at the N M Joshi Marg Police Station Central Mumbai when he did not return home.
Sanghvi’s car was found abandoned Friday at Koparkhairane in adjoining Navi Mumbai with blood stains on its rear seat, the police said earlier.