Fay, a British national, was born on September 29, 1961 and married a Malawian national, Nyakaweta Fay.
Unverified information indicates that Fay is suspected to have met his fate on his way from escorting Lake View Resort Manager, Gift Mtambo, few minutes before 20:00 hours.
After leaving home to escort Mtambo, who stays about a kilometer from the resort, Fay did not report back home, and was found murdered about 100metres from his house, with his head wrapped in a plastic bag.
His body is currently at Mzuzu Central Hospital for postmortem.
Meanwhile, Police in Mzuzu are keeping in custody Mtambo in connection to the murder of the owner of the resort.
He was found in the early hours of Thursday dumped in the bush some metres from the road with deep cuts in the head and face.
The assailants also went away with his two mobile phones.