Jairaj Singh, who was a teacher in a Junior High School, was shot dead by the assailants who arrived in a car and fled after committing the crime, they said.
On the complaint of Singh's wife Suman, a case of murder was registered against two persons including a man named Praveen, police said.
Financial transaction may be the reason behind the incident as Singh had loaned money from a number of places and didn't repay those, they said.
Praveen was the gurrantor for Singh when he had taken a loan from a bank. When the latter failed to repay it, the bank had reportedly sent a notice, to Praveen, police said.