Mahendra Pratap Singh (41) was shot while he was on way to his home in Fatte ka Purwa area in his car late in the evening, said Amethi SP Hira Lal.
Mahendra's close aide Suresh Kumar was also killed in the shooting while the driver of his car was injured, Lal said.
The driver has been rushed to hospital, he said.
Police are trying to trace the shooters, the SP added.
Jang Bahadur Singh, is a former president of Uttar Pradesh Rajya Bhandaran Nigam, which is a rank of state minister.