The accused has been arrested, a senior police officer said.
He said a PCR call was received at Jaitpur police station about the stabbing of a man near Ganda Nala in the area.
Later, another call was received by police that the victim, Ranjan, has been rushed to a private hospital with stab injuries, where he was declared brought dead.
A case was registered at Jaitpur police station on the basis of the account of an eye witness, the officer said, adding the accused, identified as Puneet, 24, was arrested.
The accused had taken Rs 1,000 from the victim. The duo allegedly indulged in drug abuse together, and Ranjan was stabbed when he demanded back his money from the accused, the police said.
The body of the victim was handed over to his family members after post-mortem, the police said.
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