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The arrested accused have been identified as Suhas, a resident of Bajpe, Mohan alias Mohan Singh, Deekshith Srinivas, Giridhar and Abhishek, residents of Katipalla.
It is said that Suhas, Mohan and Abhishek killed Fazil using lethal weapons in Suratkal while others helped them execute the plan.
The police have so far arrested seven people, including Ajit Crasta, the getaway car owner in Fazil murder case.
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Fazil had been killed in full public view on the evening of Thursday, July 28 while he had been shopping at Surathkal.
During the initial stages of investigations, 21 persons of interest had been detained for questioning.
A Hyundai Eon car, purportedly used by the killers of Mohammed Fazil, was found abandoned in a deserted area in Inna village of Karkala on July 31.