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Das was shot dead outside his residence in the northern fringes of Calcutta (West Bengal) on August 13 morning.
Deputy Inspector General (Presidency range) Gautam Chakraborty, who is handling the case, said the plot was uncovered during the interrogation of Bhattacharjee, who was detained earlier in the day.
The money had been paid by Bhattacharjee to the killers through a Group 'D' employee of the Dum Dum municipality hospital S P Kamath.
Bhattacharjee had been the municipality chairman for 32 years till 1999 and was expelled from Communist Party of India-Marxist for anti-party activities.
Chakraborty said Kamath had been arrested on Thursday night.
A sum of Rs 40,000, paid for the killing, has been recovered from three of the five persons arrested in connection with the incident since Thursday, police said.
Besides Kamath, those arrested are builder and promoter Babulal Sharma, his accomplices Mritunjoy Ghosh and Tapas Bhattacharjee, and Debashis Ghatak.
The five were produced at the Barrackpore sub-divisional court, police said.
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