Paras Soni alias Amit Sharma (24) was arrested from Sriniwas Puri on May 3 after a brief chase.
During interrogation, the accused revealed that he and his associates-- Shiv Kumar, Naresh and Neeraj-- were involved in a racket to obtain vehicles and household goods on personal loan on the basis of forged documents.
The gang duped banks to the tune of several crores of rupees.
Police said Soni had murdered his associates because of a dispute over distribution of money.
He shot dead Naresh on April 25, Neeraj on April 26 and Shiv Kumar the next day.