Sharad Shetty, a Dubai-based businessman who is suspected to be a close associate of underworld don Dawood Ibrahim, was shot dead by two unidentified gunmen at point blank range at the popular India Club in Dubai on Sunday night.

Sharad Shetty, widely known as Anna Shetty, was attacked by two pistol wielding youths at the foyer as he was entering the club around 2100 (local time) in full view of its Board of Advisers who were dispersing after a meeting, Dubai police said.

The assailants escaped after jumping the wall of club.

"We are investigating the motive for the murder," said Major General Sharafuddeen Hussain, Assistant Commander of the Dubai police adding no arrest has been made in this connection.

"The incident happened just as we were walking out of the meeting room. We saw Anna Shetty walking in and on the other side there were these two young men who suddenly took out their pistols and shot him at close range," unidentified eyewitnesses said.

The rival Chhota Rajan gang is suspected to be behind the killing. It is believed that Shetty had an important role to play in the attack on Rajan in September 2000 in a Bangkok hotel.

Police cordoned off the area and called forensic experts.

The India Club is frequented by elite Indian businessmen and diplomats in Dubai. It is located next to the Indian High School, the largest Indian school in Dubai, run by a trust of community leaders.

Soon after the news spread, several members of the club gathered outside its premises.

More reports from Maharashtra