According to police, on April 3, 1996 at around 9.45 am three persons snatched the bag of Jagdish Wavelkar containing Rs 1.61 lakh outside the gate of Samasta Nagar co-operative bank. The accused had attacked Avtar Singh who was accompanying Wavelkar with a razor. A police constable who tried to prevent the robbery was also attacked by Shaikh who managed to escape.

Shaikh was later arrested along with his accomplices Robert Castellino and Michael who were later discharged from the case.