Shah Md Tobarok Hossain, 72, who claimed himself to be a "peer" (spiritual leader) may have been killed out of greed, according to the police.
Valuable belongings including cash was looted from his house after he was murdered.
However, the police are yet to arrest anyone regarding this incident, but several people have been identified as suspects, and may be arrested soon.
Detectives working on the case confirmed the matter.
The alleged peer and businessman Shah Md Tobarok Hossain was murdered at his own residence, Shantiniketan in Dhaka’s Tejgaon Industrial Area on Wednesday morning.
Police said that he was a follower of Maizbhandari from Chittagong which is why, many followers used to visit his home.
When asked about possible causes behind the murder, Dhaka Metropolitan Police spokesperson Additional Commissioner Monirul Islam, on Friday, said: "Looking at the circumstances, it seems that ideology may not be the cause. It could be a case of robbery for economic gain."
"Detectives are working on the matter. We are hoping that it will be resolved soon," he added.
Tejgaon Industrial Police said that Tobarok was separated from his family and had been living in Tejgaon with his foster son. His wife lives in Mohakhali with his three daughters while his only biological son lives abroad. Tobarok was an owner of Mama Plaza, situated in Mohakhali, Dhaka.
Police have detained six for questioning, including guards, domestic help and his foster son.
