Hajipur Town police station SHO Jitendra Prasad said the businessman, a grocer hailing from Vaishali district had been missing for the last five days.
He said the man, who ran his business from Hajipur market, was suspected to have been murdered and his body was thrown into the well in Marai Road area of the town.
Meanwhile, irate relatives and locals from the man's village gathered at Vijay Chowk in the town and blocked the road for an hour in protest against the murder. They lifted the blockade after being promised an early investigation by the police.