Syed Azfar Rizvi was in his car with the driver when unidentified gunmen riding a motorcycle opened fire at them.
Both Rizvi and his driver succumbed to their injuries on their way to hospital. Their bodies have been shifted to Abbasi Shaheed Hospital for medico-legal formalities, police said.
Rizvi was head of the Dhaka Group of Educational Institutions and served as an honorary secretary of Anjuman-e-Taraqqi-e-Urdu Pakistan.
SSP of district central Aamir Farooqi said that Rizvi along with the driver was returning home from the Karimabad branch of the Dhaka Coaching Centre's chain when two assailants on a motorcycle ambushed his car near Cafe Student.
Private Schools Association has announced to observe a day of mourning tomorrow.
Motive behind the targeted killing is yet to be ascertained.