Police said that they were called out to Alamgir Tareen's home in the upscale Gulberg area of Lahore on Thursday morning, where they found his lifeless body.
Police say that it appears that 63-year-old Alamgir had committed suicide by shooting himself in the head.
Officials added that they had found a note, allegedly penned by Alamgir, in which the suicide was said to be motivated by an ailment.
However, Alamgir's close friends say they had no knowledge if he was suffering from any ailment or what its severity was.
They added that Alamgir was unmarried. However, he had a fiance and was due to marry in the upcoming winter.
Alamgir was a well-known businessman. He is the owner and managing director of the Pakistan Super League (PSL) franchise, Multan Sultans.