"Three unidentified miscreants arrived at Shailesh Kumar's business counter and fired from point blank range, killing him on the spot at late last night," Superintendent of Police Anup T Mathew told newsmen.
Non-payment of extortion money was suspected to be the cause behind the incident, he said.
Mathew said all exit route of the town has been sealed and a massive search was on the nab the culprits, who managed to escape after committing the crime.