Mr Datta Phuge
Mr Phuge is said to have be the man who bought the world most expensive shirt made with more than 3kg of gold.
Phuge was a money lender based in western Pune and his nickname was "the gold man".
So far police have arrested four suspects for questioning, is like money dispute caused the murder of Phuge, police said.
Datta Phuge is said to have been attacked by 12 people, who was 48-year-old in Pune on Thursday night.
Among the suspect that were arrested confessed that, he invited both Mr Phuge and his 22-year-old son to a birthday party celebration at an open ground in Dighi area where the men attacked him with both sharp objects and stones.
The son was spared by the killers but he watched them killed his father, police said
"However, we are investigating how Mr Phuge reached the open ground where he was murdered," Dighi police station inspector Navnath Ghogare told the Press Trust of India news agency.
"Some people ask me why I'm wearing so much gold but it was my dream. People have different aspirations. Some elite people want to own an Audi or Mercedes, and have big cars. I chose gold," he told BBC in 2013.
"However, we are investigating how Mr Phuge reached the open ground where he was murdered," Dighi police station inspector Navnath Ghogare told the Press Trust of India news agency.
He always portrate why he is referred to as "the gold man" as he wears gold all over his body as you can see on the picture.
"Some people ask me why I'm wearing so much gold but it was my dream. People have different aspirations. Some elite people want to own an Audi or Mercedes, and have big cars. I chose gold," he told BBC in 2013.
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