The deceased has been identified as Veer Singh Jain.
The incident came to light around 4:15 PM when the victim's daughter Anshu, who lived in Daryaganj, reached the house in Chippiwada after receiving a call from Jain.
"As soon as she entered the house, she saw that two persons, one of whom was their former driver, had strangled her father with a gamcha (stole). As they saw Anshu, they pushed her on the floor, picked up the bag with the cash and fled," said a police official.
"Jain had first gone to his shop to take cash from where he headed home. He had then called his daughter and asked her to come and meet him," he said.
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It seems that around 3:30 PM, Jain had made a PCR call regarding a quarrel. However, when a police team reached the spot, they could not get in touch with Jain as he might have been murdered by then, he added.
He used to regularly come to the shop which is nearby and visit his ancestral property.
A case of robbery-cum-murder has been registered at Jama Masjid police station.
The accused have been identified and efforts are on to nab them, police said.