Running dd. Why resource is busy?

Apple court, Apple rules. Try diskutil:

$ diskutil list
...

# if mounted somewhere
$ sudo diskutil unmount $device

# all the partitions (there's also a "force" option, see the manual)
$ sudo diskutil unmountDisk $device

# remember zip drives? this would launch them. good times!
$ sudo diskutil eject $device

(In the case of a disk image, the hdiutil command may also be of interest. You can also click around in Disk Utility.app.)

Unmounting the sub partitions helped

/dev/disk2
   #:                       TYPE NAME                    SIZE       IDENTIFIER
   0:     FDisk_partition_scheme                        *8.0 GB     disk2
   1:             Windows_FAT_16 wr_usb_efi              134.2 MB   disk2s1
   2:                      Linux                         1.1 GB     disk2s2
vgsprasad-mbp:~ vgsprasad$ diskutil umount /dev/disk2s1
Volume wr_usb_efi on disk2s1 unmounted
vgsprasad-mbp:~ vgsprasad$ diskutil umount /dev/disk2s2
disk2s2 was already unmounted