Dey had been getting threatening calls from criminal gangs operating in the area. It is believed that he had refused to pay the extortion amount to the gang. Police has not ruled out the involvement of Maoists or ULFA in the killing.
Dey had also filed a complaint regarding the threatening calls with the superintendent of police. However, no security was provided to the businessman.
As the news of the incident spread, shopowners downed shutters in the area.
The Rs 100 crore Sreeleathers has a chain of stores across the country, including in Kolkata, and is on a major expansion spree.