At least 20 people have been arrested over the abduction of the man said to be Africa’s youngest billionaire, according to local media.
Mohammed Dewji, a Tanzanian business tycoon, was seized outside a hotel gym in the country's financial capital of Dar es Salaam.
Lazaro Mambosasa, the Dar es Salaam police chief, told a press conference that Mr Dewji, 43, was taken by two masked gunmen who fired into the air before driving away from the hotel.
Interior Minister Kangi Lugola on Saturday said that 20 people had been arrested in the manhunt for Mr Dewji, AFP reports.
But the number was said to have risen to 26 on Sunday, according to The Citizen.
His car, with the number plate “MO 1” was pictured outside the high-end Colosseum Hotel and Fitness Club as officers investigated the disappearance.
Mr Dewji, 40, heads the MeTL Group, which operates in about 10 countries with interests in agriculture to insurance, transport, logistics and the food industry.
According to Forbes, his wealth is estimated at £980million.
He is said to have “huge celebrity status” in Tanzania.