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The owner of the 2009 model car (Lamborghini) wanted to sell off the vehicle, estimated to be worth up to Rs one crore, and had informed some of his friends to look for a buyer, they said.
The main accused had called a friend of the owner and asked him to bring the car. The said friend of the car owner was known to the main accused.
When the car was brought to Mamidipalli Road on the city outskirts on April 13 evening, he, along with a few others, burnt it using petrol, claiming that the car owner owed him money, police said.
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Full details would be known after investigation, police added.