The accused, Shahid, along with four other persons came to Ajit's shop and shot him dead yesterday, incharge of Sadarpur police station Surendarnath said.
Ajit, who sustained multiple bullet injuries, rushed to a nearby hospital where he was declared dead following which the deceased's family staged a protest and blocked Meerut-Baraut road for hours, he said.
Police have been deployed to avoid any tension in the area, he added.
Police said that kin of the victim complained that Shahid and Sajid along with three others had demanded extortion money of Rs 5 lakh from him and the murder is linked to the demand.