Morning walkers found Pal lying in a pool of blood on Saturday, following which the police were sounded. A bloodstained stone was also recovered from the spot.
The Model Town police have sent the body to civil hospital for autopsy, and registered a case against unidentified people.
According to Model Town police station SHO inspector Davinder Chowudhary, a plastic rope was found around the neck of the deceased and his face had almost been crushed with a stone.
According to police, cash was missing from the victim's pockets. They added that the involvement of an acquaintance was suspected in the murder.
The police asked around to identify the body and were informed that a person of the description of the deceased owned a makeshift fruit shop in the market. Other vendors of the area, who were called upon by the police, identified Pal.
Later, nephew of the victim, Vinay, confirmed the deceased's identity. Vinay told the police that his uncle had been missing since Friday evening.