Shankar Dutt, the personal security officer of Greater Noida Industrial Development Authority CEO, was kidnapped around 5:30 pm while returning home from office, police said.
Kidnappers demanded a ransom of Rs 10 lakhs.
The family members informed the police.
Three kidnappers were injured in the encounter and rushed to a district hospital.
"There was firing from the criminals when they were asked to stop following which police fired in self defence. The criminals got injured and taken to hospital where they were declared dead," said Senior Superintendent of Police, Noida, A K Singh said.