At around 9.45 am, Rathod was sitting on a stool outside Maharashtra Mishti Bhandar opposite the G-South ward office on Elphinstone Road, when he was accosted by an unidentified person. The assailant drew a pistol, fired a round at him and escaped by riding pillion on a motorcycle waiting for him on the other side of the road. The identity of the assailant and his accomplice is yet to be ascertained.

Rathod was found in a pool of blood by his friends Bharatbhai Mistry and Suresh Khandelwal, who rushed him to KEM Hospital. He was, however, declared dead before admission.

The firing took place barely 50 meters away from Rathod's first-floor residence at Suraj Building, Elphinstone Road.

Investigations have revealed Rathod had been receiving threats from the Arun Gawli gang during the latter part of 1998 and had been provided security cover by police. However, the escort was withdrawn inFebruary this year. Rathod didn't have a clean record either. Sources revealed he was linked to the Dawood gang and was named in at least two firing cases.

Police suspect Rathod could have been gunned down by members of the Chhota Rajan gang, as he handled Dawood gang's finances.

Meanwhile, in another incident, a 29-year-old woman was stabbed to death near an industrial unit at Lalbaug this evening.

According to police, the incident took place at around 7.30 pm in front of a deserted factory near 3/50 Lalbaug Industrial Estate, Chiwda Galli. The victim was slain barely 100 meters from her residence at Omkar Sadan. The assailant had slit the woman's throat with a sharp weapon, and there were injuries on her right hand and abdomen as well.

The victim, who has been identified as Sarvyu Kambligaonkar, was returning from office when she was attacked.

One of Sarvyu's relatives said she worked as a salesgirl to support her family and nine-year-old daughter Sneha. Her husband Subhash had been staying withhis brother at Wadala. Police have launched a manhunt for Sarvyu's husband Subhash.