The Mumbai Police on Monday said the murder of HDFC Bank Vice President Siddarth Sanghvi was a result of a robbery attempt. Deputy Commissioner of Police Abhinash Kumar told reporters that accused Sarfaraz Shaikh confessed to killing Sanghvi, IANS reported.

This development counters reports that the motive could have been an office rivalry triggered by Sanghvi’s promotion and salary raise. “Shaikh panicked when Sanghvi raised an alarm and hence stabbed him,” the police said. An initial post-mortem examination has indicated that Sanghvi’s throat was slit from behind before he was stabbed multiple times, The Indian Express reported quoting unidentified officials.

Shaikh had reportedly altered his version of the crime several times during his interrogation by the police, The Times of India reported. The Ola cab driver and fabrication technician had also purportedly said he was hired by four people to kill Sanghvi. He was charged with Sanghvi’s murder and will remain in police custody until September 19, the Hindustan Times reported.

Sanghvi was reported missing on September 5. Close circuit television camera footage showed the Malabar Hills resident leaving his office in Kamala Mills, Lower Parel, at 7.30 pm on September 5. On Friday, the Navi Mumbai Police found Sanghvi’s car in Kopar Khairane with blood stains on the seat.

Navi Mumbai Police Crime Branch Inspector Jagdish Kulkarni had told The Indian Express that a police informant had spotted Shaikh parking Sanghvi’s car. “The informant knew Shaikh, so we were tipped off about his location in CBD Belapur. We laid a trap accordingly and got hold of him.”