Mohammed Dewji, who is said to be Africa's youngest billionaire has been abducted by masked gunmen in Dar es Salaam, Tanzania.
Police said the 43-year-old was abducted outside a swanky hotel gym where he was going for his routine morning workout.
The police added that three people have been arrested in connection with the incident and two are believed to be foreign nationals.
The motive for Dewji's abduction is still unclear.
Dewji, whose wealth is put at $1.5 billion, is credited with turning his family business from a wholesale and retail enterprise into a multibillion pan-African conglomerate, reports the BBC's Athuman Mtulya from Dar es Salaam.