Shivshankar was stabbed close to 18 times in Rampura area of Keshav Puram on Diwali night, they said.
"Shivshankar was rushed to a nearby hospital by passersby but was declared brought dead," a senior police official said.
"He used to work as a contractor and was heavily under debt and wasn't able to repay money to his lenders. He had also quarrelled with them," he added.
Police said that they have identified possible suspects and further investigation is in progress.
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