Robbery motive behind HDFC VP's murder: Mumbai Police

The Mumbai Police has solved the mysterious disappearance and subsequent murder of HDFC Bank vice president Siddharth Sanghvi.

The robbery was the motive behind the murder of the top banker, according to investigators.

On Monday, the body of Sanghvi, who was missing since September 5, was found near Haji Malang in Kalyan in Thane district.

Sanghvi was a resident of the posh Malabar Hill area of Mumbai and stayed with his parents, wife and four-year-old kid.

He was missing from the parking lot of the Kamala Mills area of Lower Parel in Mumbai.

His family lodged a missing complaint with the NM Joshi Marg police station.

The Mumbai Police picked up Sarfaraz Shaikh (20), a cab driver, for the murder. The accused worked with a cab aggregator.

He was produced before a magistrate's court, which remanded him to police custody till September 19.

"The suspect was in need of money...and in the process killed the victim...he stabbed him when the victim raised alarm," Deputy Commissioner of Police Abhinash Kumar told reporters.

After Sanghvi died, the accused panicked and took the body in the victim's car and dumped it in the Haji Malang area. He then took the car to Koparkhirane in Navi Mumbai in Raigad district and abandoned the vehicle.

The investigators said that blood samples were found in the parking lot and the abandoned.

Initially, it was suspected that professional rivalry could be one of the causes as Sanghvi had got three promotions in a matter of three years.