Sachin Raosaheb Mokal alias Donya, was stabbed with sharp weapons by three unidentified persons around 4 PM yesterday, they said.
According to police, Mokal, who was accused in a couple of murder cases, had been externed by the city police earlier.
On Sunday, when Mokal was standing near a credit society office in Ganeshwadi area with his friend, the accused arrived in a car and suddenly started beating him up. Later, they stabbed him and fled from the spot.
Sachin's friend rushed him to a private hospital, where he was declared brought dead, police said.
Three police teams have been formed to nab the accused.