Between 1988-89, Mumbai police, led by Arvind Inamdar, had uncovered a plot to murder Nusli Wadia, arranged by a senior executive at
Reliance Industries, Kirti Ambani. Kirti Ambani allegedly hired Arjun Babaria, a bandmaster who was also known to the police as a criminal "fixer". He agreed to organize the hit for an agreed sum of ₹50 lakh. Babaria then recruited Ivan Sequeira (alias Shanoo) and Ramesh Jagothia to execute the murder. Mumbai police carried out arrests of the accused in July 1989. In the ensuing court case, the prosecution alleged that the murder plot was an extension of the corporate rivalry between Reliance Industries and
Bombay Dyeing. At the time both companies were the main manufacturers of
polyester in India. The plan was for a hit squad to intercepts Nusli Wadia's car as he returned from his office to his residence. The
Maharashtra government transferred the probe to the
Central Bureau of Investigation (CBI) on August 2, 1989. The trial itself began in 2003. The court case of Nusli Wadia's attempted murder was mired with problems and conspiracies. Ivan Sequeira, a key accused alleged that two top executives of Reliance Industries, Jayant Shetty and Atul Dayal, were threatening him to withdraw his application to see a copy of his statement. Maneck Davar, a Mumbai based journalist, would uncover a link between the Ambani family and the then CBI Director Mohan Katre. Davar had entrapped Mohan Katre's son, Umesh Katre, into revealing how he was acting as a commission agent for Reliance Industries, specifically for selling LAB, a detergent manufacturing product. At the time, Mohan Katre was attempting to take over the case of Nusli Wadia, which led to accusations that Katre was operating in a manner biased toward Reliance. The key accused, Kirti Ambani and Arjun Babaria would pass away before judgement could be made. Key pieces of evidence such as a cassette recordings of conversations could not be played in court due to deterioration. Special CBI judge S P Naik-Nimbalkar stated that the prosecution failed to demonstrate how Kirti Ambani was hired by his superiors to carry out the murder plot, as he would later state "insufficiency and inappropriateness of the evidence". The case ended with the acquittal of Ivan Sequeira and Ramesh Jagothia. == Personal life ==