During interrogation, Sheikh also squealed on his associates, revealing the names of the other three accused in the case.

The 9 mm pistol used by Sheikh has also been recovered, Assistant Commissioner of Police Pradeep Sawant said.

Shah, a readymade garments exporter and owner of the Roopam chain of stores, was gunned down by four assailants on the night of October 8 as he exited from a telephone booth near Juma Masjid at Crawford Market after making a call to Dubai. The assailants pumped 12 bullets into him before fleeing.

Preliminary investigations reveal that the killing was the handiwork of the Shakeel gang. But police have not yet ascertained the motive. They said they are still in the process of interrogating Sheikh.

Sheikh has confessedthat he and his associates had kept watch on Shah's movements since October 4. They also regularly kept in telephonic contact with Shakeel's man who planned the killing, police sources said.

On October 8, Sheikh revealed, he and his aides followed Shah when the latter left his Prabhat Book Depot office near Abdul Rehman Street. After Shah exited from the telephone booth on Sheikh Memon Street, the assailants shot him from close range.