A Tanzanian businessman and former member of parliament for the ruling Chama Cha Mapinduzi party (CCM) was seized by unidentified men in Dar es Salaam on Thursday, the regional commissioner said.
"Also in the report, the Dar es Salaam police chief, Lazaro Mambosasa, at a press conferences said the kidnappers had "shot into the air" before bundling Mr Dewji into a auto".
Mr Dewji studied at Georgetown University in Washington DC. Two of the men are believed to be white foreign nationals.
43-year old Dewji was elected to parliament on the CCM ticket but did not seek re-election to his seat in the 2015 election.
According to Mambosasa, three people have been arrested for questioning in connection to the incident. "They (the four were masked individuals) fired one bullet in the air and all the hotel security guards ran away", he said.
An Uber driver nearby said when Mr Dewji appeared, the auto parked inside flashed lights before the two white men alighted from their vehicle and went straight to where Dewji was.
Dar es Salaam regional commissioner Paul Makonda was among government officials who arrived at the scene.
A nationwide hunt is under way for Mr Dewji, estimated to be worth $1.5 billion, and road blocks have been set up in the area, police commander Lazaro Mambosasa said.
He is the president and owner of MeTL Group, a Tanzanian conglomerate founded by his father in the 1970s. According to Forbes, the billionaire signed the Giving Pledge in 2016, promising to donate at least half his fortune to philanthropic causes.
Dewji is also the main shareholder in Simba football club, based in Dar es Salaam.