An official from the Sarkhej police said that Jitendra Patel (65), popularly known as Rajabhai Bidiwala, allegedly shot himself, between 1am and 6am, at his bungalow behind Karnavati Club.
He was also involved with the pharmacy business, the official said.
"The reason behind the extreme step is not yet clear. The Forensic Science Laboratory has been called to help in the investigation," the official said.