Mumbai police have revealed that the Kerala-based gold merchant who was found hanging in a lodge in Chembur, Mumbai had committed suicide and that he made it look like a murder so that his family could get insurance.
The incident occurred a month ago, and the police had arrested three persons, Martin, Riyaz and Shravan, who were close aides of the deceased S Satish.
Satish wanted his kin to claim the insurance amount of Rs 5 lakh after his death.
The police told media that Satish was debt ridden, following some problems in the business and he had also taken a home loan, which he was not able to repay.
His body was found hanging on January 14 with his wrist slit.
"After the body was recovered, we lodged a case of murder and started investigating the matter. Based on the CCTV footage available at the lodge and other details, we arrested three persons, including Riyaz. Satish did this as he wanted his family to claim his insurance policy amount of Rs 5 lakh,” Deputy Commissioner of Police (Zone VI) Shahaji Umap told PTI.
Police said that the businessman asked his aide Riyaz to lock the room from outside and leave, in order to make it look like a murder. After Riyaz did so, the businessman cut his wrist and hanged himself from the ceiling fan.
Police added that further investigation is on.