A local daily in Tanzania says, Dewji was kidnapped on his way to the Oysterbay for routine gym exercise.
He was abducted by two foreigners, the Swahili Times reported on Twitter, citing Mambosasa.
During a recent press conference, the city's police chief Lazaro Mambosasa went on to reveal that the kidnappers "shot into the air" before forcing Dewji into a auto.
Businessmen have never felt at risk of being kidnapped and they often move around on their own.
News of the incident spread fast as social media users shared the development, sending shockwaves the country.
Mohammed Dewji, 43, who is said to have a fortune of $1.5bn (£1.1bn) and is the president of MeTL Group, which operates in about 10 countries across sectors ranging from agriculture to transport and food, was abducted as he entered a hotel gym.
Dewji was born in Tanzania and studied at Georgetown University in the United States.
The younger Murdoch has no experience when it comes to manufacturing and has yet to lead a company that makes any type of vehicle. Tesla is under scrutiny for failing to produce its Model 3 sedan quickly enough and in sufficient volume to meet customer demand.
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Former Arsenal striker Thierry Henry is being considered as a replacement for manager Leonardo Jardim at Monaco. French and British media have reported that former France global Thierry Henry is the favourite the replace him.
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India vs West Indies
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