The assailants shot and attacked the victim with sharp weapons, who was identified as Ganesh Bisoi of Kotinada near Aska, when he was returning home in a motorcycle last evening, Ganjam SP Narsingh Bhol said.
Rivalry in liquor trade was suspected to have led to the killing, he said adding a pistol, a sword and a knife were recovered from the spot.
The Police said Bisoi was involved in about 14 different criminal cases in different police stations in the district, including five murder cases.
Forensic team and the dog squad were pressed for investigating the incident and patrolling was intensified in the area to nab the accused, said Inspector in-charge of Aska, Baleswara Gidhi.