Sources said they have zeroed in on the spiritual guru following investigations into the details provided by the two alleged sharpshooters Sunil Mann and Purushottam Rana.
When asked whether they have arrested the accused, Deputy Commissioner of Police (South) Chhaya Sharma told PTI they have not taken him into custody.
Sources said the spiritual guru had in possession vast tract of lands which he allegedly acquired through various means.
However, they said he allegedly got into a fight with Bhardwaj over a land issue.
The spiritual guru is said to be hailing from Bahadurgarh.
Investigators said they were probing whether he acted on his own or whether others were also involved.
Bhardwaj was shot dead in his farmhouse in south Delhi's Rajokri on March 26 and four persons were arrested in the case.