Senior-SP Ajay Kumar Pandey said the incident occurred when 42-year-old Sanjay Mittal was going to his factory.
Some persons on a motorcycle surrounded his car at the Naglabhau crossing and abducted him at gun point, and then drove away in his vehicle, Kumar said.
Efforts are underway to rescue the businessman and nab the culprits, he said.
The incident comes just days after two jewellers were killed during a robbery in Mathura, triggering wide-spread protest by the business community.
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