Dewji's conglomerate, the METL Group, operates in over 35 industries such as trading, agriculture, manufacturing, energy, petroleum, financial services, mobile telephony, infrastructure and real estate, transport, logistics and distribution.
According Dar es Salaam police boss Lazurus Mambosasa, Mr. Dewji was abducted by two people who were foreigners at Oyster Bay in Dar es Salaam, while on his way to Colosseum Gym.
Dar es Salaam police chief Lazaro Mambosasa told a press conference that the assailants had "shot into the air" before bustling Dewji into their auto. Two of the men are believed to be white foreign nationals.
Dewji was elected to parliament on the CCM ticket but did not seek re-election to his seat in the 2015 election.
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Forbes business magazine puts Dewji's wealth at $1.5 billion (€1.3 billion) and describes him as Africa's youngest billionaire. "They (the four were masked individuals) fired one bullet in the air and all the hotel security guards ran away", he said.
The regional governor, Paul Makonda, said: "Initial information indicates he was kidnapped by whites travelling in two vehicles".
He is also a shareholder in the famous Simba Club in Dar es Salaam.
Dewji runs MeTL, a multi-establishment company operating in six African countries which was founded by his father in the 1970s. In 2016 he signed a pledge to donate at least half of his fortune to philanthropic causes, according to Forbes.