He was found at a fortified compound on the outskirts of Abbottabad in north-west Pakistan. The mansion was located just 800 yards from the Pakistan Military Academy, an elite training centre.
The 45 minutes operation began at about 1730 GMT, BBC reported. Two to three helicopters were seen flying low over the area.
The compound with a large three-storey building was the target of the operation.
People living in the vicinity of the compound were told to switch off their lights and to stay indoors.
According to residents, sound of heavy firearms was soon heard.
One of the helicopters crashed after being hit by gunfire from the ground.
The compound, which was about 3000 sq yards was surrounded by 14 feet high walls. The walls were further topped by barbed wires and cameras.
Local witnesses told BBC, the house had two security gates and no phone or internet lines. Women and children were also living in the compound.