The incident was reported from Jafrabad at around 8:40 PM yesterday and the victim has been identified as Hazi Abdul Matin.
He was rushed to Guru Teg Bahadur hospital where doctors declared him brought dead.
Investigators suspect it to be a case of personal enmity.
"The attackers pumped six bullets into him," police said.
Matin owned a button factory in Jafrabad.