According to eye witnesses the killers escaped on foot after committing the crime. No group claimed responsibility for the killing.
Syed Asghar, father of Khan, lodged a complaint against unidentified attackers with local police, which later began investigation in the killings.
It is the second such incident in the district this year.
On January 24, Sikh hakeem Bagwan Singh was gunned down in Tangi area.
Sikhs, who have been living in the district for centuries, have voiced concern over targeted attacks against members of their community and demanded protection of their life and property.
The traders have also urged the government to provide them with foolproof security.