Malik Moazzam Kalru was on his way to his farmhouse in Multan district when four masked men stopped his vehicle and abducted him.
Kalru, who was on holiday, was beaten with guns till he gave in to the kidnappers, eyewitnesses were quoted as saying on the website of The Express Tribune newspaper.
The kidnappers escaped towards Muzaffargarh district, the report said.
Following the kidnapping, police cordoned off the area around Muzaffargarh city.
Initial investigations by police suggested there was no family enmity behind the abduction.
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