The other accused is identified as Javed Sheikh (29) who was working as a compounder for Dr Ghadiyali.
He said Bava became close with Dr Ghadiyali and Sheikh and would visit their clinic in Lallubhai Chaklaarea in Bharuch regularly.
"Bava used to share information with the duo about his hobby of collecting antique coins and foreign currency notes. Dr Ghadiyali and Sheikh used to visit Bava's place frequently," the police officer said.
He said on the night of April 8, Dr Ghadiyali and Sheikh entered Bava's flat and allegedly strangulated him before stabbing him.
It was Dr Ghadiyali who informed the police about the death of his friend Bava on April 10, following which a case of accidental death was registered and the body was sent for postmortem, he said.
The postmortem report revealed that Bava was strangulated and stabbed, prompting the police to set up multiple teams to trace the accused.
"During investigation, we recorded statements of Dr Ghadiyali and Sheikh separately. We started suspecting them after their statements on their whereabouts on the night of the incident differed," said Tarade.
He said Dr Ghadiyali and Sheikh "confessed" about committing the crime during interrogation.
The inspector said Dr Ghadiyali owed Rs three lakh to his lenders and allegedly hatched the plan to kill Bava who was living alone.
"The duo took away ancient coins and foreign currency from the deceaseds apartment after killing him. Police have recovered a total of 1,760 ancient coins worth Rs 5 lakh and Rs 45,630 cash in foreign and Indian currencies from them," said the officer.
The duo have been booked under various sections of the IPC for murder and loot.
Further investigation is underway.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)