The victim, Khwaja Ahmed Zarif Chishti, 35, was shot dead in the MIDC area in Yeola. His driver and three others, who were with him at the time of offence and subsequently went on the run, are the chief suspects in the murder.
A possible motive behind the murder was not immediately known.
The incident took place in the evening at an open plot in the MIDC area of
Yeola town, around 200km from Mumbai, the police said.