The attackers shot at Jain at least seven to eight times.
A 57-year-old businessman was allegedly shot dead in the Farsh Bazar area of Delhi's Shahdara district on Saturday. The victim, Sunil Jain, was shot dead by two bike-borne men while he was returning home on a scooter along with a friend after a morning walk at the Yamuna Sports Complex.
His friend has now claimed that it could be a case of mistaken identity.
Mr Jain's friend, Sumit - with whom he used to walk in the morning, told NDTV that the shooters initially told the victim that his phone had fallen off.
They then asked, "Whose name is Virat". To this, Sumit responded, "No one".
But one of the attackers shouted "Yahi hai" (This is the one), pointing his finger at Mr Jain.
The attackers then allegedly fired eight shots at Mr Jain.
The police are on the lookout for 'Virat' and are also investigating the angle of mistaken identity.
According to a preliminary investigation, a minor was arrested last month for killing two people, Akash Sharma and Rishabh, in the national capital. The minor's father's name was found to be Virat, officials said.
However, it is yet to be ascertained whether he is the same Virat that the shooters were looking for.
"We are probing the case from all angles," Deputy Commissioner of Police (Shahdara) Prashant Gautam said, adding that CCTV footage from the area is being scanned.
The police have also revealed that Jain's shooters used 9mm and 7.61 mm pistols to kill the businessman.
The victim was a resident of Krishna Nagar and owned a utensils business.
According to his family, Jain did not have any rivalry with anyone, the police said.
The accused are currently on the run.