The deceased was identified as Kapil Yadav, cousin of SP youth wing national secretary Vinod Yadav, and he was shot by an unidentified man when he was crossing a road on National Highway-24 last night while returning home from Noida, they said.
Kapil lives with his family in Bahmeta area of the district and runs a property business.
"Kapil along with his friend had gone to Noida to recover Rs 16.5 lakh from other person. His friend dropped him at the opposite side of a petrol pump in Ghaziabad, near his home.
He was rushed to the nearby Sarvodaya Hospital where doctors declared him dead on arrival.
According to police, from preliminary investigation it seems that Kapil may have been murdered due to some personal enmity.
"Police is scanning the footage of CCTV installed nearby area to identify the accused, and a manhunt has been launched to nab the accused," he added.