Ahmedabad, May 22: A debt-ridden businessman allegedly shot dead his wife and two daughters at his residence here in the early hours today, a police official said.

The family members apparently had an argument over sending one of the daughters abroad for higher studies following which the incident took place, he said.

Dharmesh Shah, 50, who runs a construction business, first killed his wife Ambien using his licensed pistol at their flat in 'Ratnam Tower' building in the posh Judges Bungalow area.

He then shot dead his two daughters -- Heli (24) and Khushi (18) -- with his another 12-bore gun, Assistant Commissioner of Police S N Zala told reporters here.

Shah then called the police control room and his relatives to inform about the incident. He remained at his house till the police and others reached the spot, he said. "Shah was into the construction business and had a debt of around Rs 15 crore. His family was unaware of it," Zala said.

As per preliminary investigation, last night, there was some heated argument between the family members over sending Shah's elder daughter to Australia for higher studies, for which they required Rs 70 lakh, he said.

Since Shah was already in debt, he might have objected to it, which possibly led to the confrontation between the family members, the official said. "When his family members were asleep, Shah first killed his wife using his pistol. He then killed both the daughters using his 12-bore gun. He fired one round at his wife and two rounds each at his daughters," Zala said.

On getting information about the killings, top city police officials rushed to the spot. Shah was arrested under charges pertaining to murder and was being questioned, the police official added.