The estate figures in the disproportionate assets case involving jailed AIADMK general secretary V K Sasikala and Jayalalithaa, among others.
The incident came to light this morning when workers at the tea estate noticed security guards Om Bahadur and Kishore Bahadur lying in a pool of blood with their hands and legs bound and informed the police.
While 40-year-old Om was found dead, a seriously wounded Kishore was rushed to Kothagiri government hospital.
Police suspected the motive of the gang could have been to steal valuables or documents, as one door of the bungalow was found broken open.
More From This Section
Resistance by the guards might have led to them being attacked leading to the death of one of them, they said.
Meanwhile, police sources said one or two suitcases at the bungalow were found prised open, but it was not clear what they contained.
The exact reason for the attack would be known only after investigation, police said, adding they were questioning the estate's manager, staff and the injured guard.
Officials said the CCTV footage along the route was also being examined.
Besides, all check posts connecting Karnataka and Kerala have been alerted and five special police teams formed to fan out across the state to nab the culprits.
Security has been beefed up at the incident spot as well as at the government hospital in Kothagiri, where the injured gaurd was admitted, police said.
The body of Om was handed over to his relatives after post mortem, late evening, they said.