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The monk, Acharya Sri Kamakumara Nandi Maharaj, was cut into pieces and his body was dumped in a defunct borewell in village Hirekodi of Chikkodi Taluk.
Police have already arrested two people Narayana Basappa Madi and Hassan Dalayath in this connection. They said the murder was committed over money matters.
BJP state chief Nalin Kumar Kateel on Sunday condemned the incident and demanded a thorough investigation covering all aspects related to the crime.
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BJP spokesperson and MLC N Ravi Kumar appealed to the government to investigate the case properly as there were possibilities of involvement of more people in the crime.
Meanwhile, the last rites of the Jain muni were performed as per Jain traditions on Sunday at Hirekodi village.