Pradip, son of jeweller Rajendra Kumar Verma, was kidnapped this morning, Superintendent of Police Sharad Sachan said.
The white car used in the crime was traced from nearby jungles, he said.
Efforts are on to establish the identity of the accused with the help of footage taken by CCTV cameras installed in the area, the SP said.
Meanwhile, irate traders kept shutters of their shops down while police have been deployed as a precautionary measure.
Locals suspect involvement of a notorious criminal gang in the kidnapping.