Mohammed Yusuf alias Miyan was arrested by crime branch from the Alipur area of north Delhi on March 20.
Yusuf, who is from Bareilly, had hired Punjab-based shooters to execute the job, they alleged.
According to the police, Yusuf was Wednesday presented before the chief judicial magistrate, who sent him to 14 days' judicial custody.
Police said Yusuf has been a former aide of Ejaj Lakdawala, who himself was a former member of the Dawood Ibrahim gang.
"Yusuf gave the contract to eliminate two businessmen of Mumbai and one from the national capital region. He hired Punjab-based shooters for the job. He himself was going to Punjab to meet one of the sharpshooter," said a police officer.
(With inputs from agencies)