After closing his ice cream and Italian cake shop Gelobar in
Brunswick East at about 12:40 in the morning of 15March 2016 Acquaro was shot whilst walking to his car. His body was found at 3:00 that morning and was described at the time as a targeted attack. Before his murder police suspected that a $200,000 bounty, later increased to $500,000, had been placed on Acquaro's life. After Acquaro's death a
suppression order related to a defamation case submitted by Antonio 'Tony' Madafferi against Nick McKenzie and Fairfax was lifted allowing information about Madafferi, Acquaro and the alleged contract to be made public. Madafferi vehemently denied the allegation of a contract on Acquaro. On 17March 2017 it was announced that the Homicide squad of Victoria Police would work with the
Purana taskforce to investigate Acquaro's murder. ==Role as a police informer==