The conspiracy came to light after one of the attackers was captured on CCTV speaking on the phone moments after stabbing the businessman to death, helping investigators connect the dots
The suspects’ movements before and after the incident were captured on CCTV cameras, police sources said. Pic/Special Arrangement by Samiullah Khan
The Charkop Police have cracked the sensational murder of 65-year-old Mumbai industrialist Ayub Sayyed, revealing it as a contract killing orchestrated by his business partner Shanu Chaudhary, 40, and younger son Hamid Sayyed. The conspiracy came to light after one of the attackers, Mohammad Khairul Islam, was captured on CCTV speaking on the phone moments after stabbing Sayyed to death, helping investigators connect the dots.
According to police, Chaudhary had invested nearly Rs.1.17 crore in Sayyed’s business but was continuously shown losses. Whenever he sought repayment, Sayyed allegedly abused and humiliated him.
Hamid, meanwhile, was reportedly upset over his father transferring most properties and a Vasai factory to his elder brother, leaving him only a single house in Evershine Nagar, Malad, through a gift deed.
Despite Sayyed running a business worth hundreds of crores, Hamid often faced financial struggles and humiliation. Frustrated, he allegedly persuaded Chaudhary to “get rid of” Sayyed, offering him a business partnership in return.
Distressed by losses and Sayyed’s recent demand for Rs 8 lakh for machinery repairs, Chaudhary agreed and approached Islam, who has prior criminal cases. The contract killing was finalised for Rs 6.5 lakh.
Islam then involved his associate Shahnawaz, known for previous contract killings, including that of a child in Govandi.
Police said the murder plan was hatched a month before the crime. A week ahead, Chaudhary paid Islam Rs 1 lakh in advance, promising the balance after the killing.
On September 21, Islam and Shahnawaz executed the plan inside Sayyed’s office at Government Industrial Estate in Charkop. CCTV footage captured Islam speaking on the phone immediately after the murder, later confirmed to be Shahnawaz, who remains absconding. Islam also reportedly called Chaudhary to confirm that the “task was done.”
Investigators matched the call records from Chaudhary’s mobile with the CCTV timestamp, establishing the identities and direct involvement of the conspirators. Both Chaudhary and Hamid were later seen at the crime scene pretending ignorance, but evidence from CCTV and call data records (CDRs) exposed their role. During interrogation, both allegedly confessed to plotting the murder, with Islam revealing the full plan.
Ayub Sayyed had come to Mumbai at a young age and built a vast fortune in the scrap trade. Known for his aggressive temper, he had frequently humiliated workers, business partners, and family members — circumstances that police say fuelled resentment leading to the murder.
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