KARACHI: Police investigators probing the death of a 25-year-old former IBA student and aspiring businessman have found that Mir Raza Ali Khan was facing financial losses in his business, but they doubt the theory that he took his own life, even though the evidence collected so far points to suicide, it emerged on Sunday.

They are, however, hopeful of “resolving the case within a very short time”.

The aspiring businessman’s body, bearing a gunshot wound to his chest, was recovered from bushes near Shahi Qila in Gulistan-i-Jauhar, opposite the University of Karachi, two days after he went missing and was allegedly kidnapped from his home in PECHS, Block-2.

One official familiar with the investigation so far told Dawn, on condition of anonymity, that certain things had emerged during the course of the investigation, prompting investigators to focus more on the possibility of suicide than murder.

Detectives trace former IBA student and entrepreneur’s final movements; financial losses emerge as key focus in probe

Elaborating, the official said that Raza, as usual, arrived at his home in PECHS, early in the morning after closing his shop at Bahadurabad Chowrangi. After some time, he went back to his shop/office, where he took a pistol and returned in his car. He left the keys to his car and house. He also left his watch and some cash for his mother. Inside the home, he deleted all the data from his iPhone.

The official added that Raza hired an online cab and asked the driver to play his favourite song, according to the driver’s statement recorded by investigators. He paid the driver double the required fare.

CCTV footage from the place where the driver dropped him off in Gulistan-i-Jauhar showed that he was “roaming” around, and no one else was seen accompanying him.

After deleting all the data from his phone, he went offline. It has been established that he himself deleted the data. He may have thrown away his mobile phone, which was later picked up by someone from the place where his body was found. When the person inserted a SIM card into the phone, investigators traced and detained him and recovered the deceased’s mobile phone.

The holster for the deceased’s pistol was found hanging from a tree along the same route where the body was found. It was possible that, like his mobile phone, the pistol was taken away by someone passing through the area.

The officer said the deceased had suffered financial losses amounting to millions of rupees in investments, and he was supposed to return money invested by others.

He added that Raza had asked one investor for a Rs30m loan because he was facing financial difficulties, but the request was declined.

The alleged investor also told police that the deceased had told him he was having “weird thoughts”.

His fiancée, in her statement to police, said that he was “obsessed” with his Bitcoin investment. She also told investigators that she had sent him a message late that night, but since he was already offline, he did not receive it.

The officer said that despite all these developments, which strongly suggested the possibility of suicide, investigators still had three doubts. First, why did he travel to and choose that place in Gulistan-i-Jauhar? Secondly, his pistol has not been recovered so far, though the holster has been recovered. Thirdly, doctors told police that the bullet had been fired into his chest from close range. Yet gunshot residue was not detected on his hands, which is normally found when been recovered. Thirdly, doctors told police that the bullet had been fired into his chest from close range. Yet gunshot residue was not detected on his hands, which is normally found when someone takes their own life using a firearm. It was possible that, since the body was partially decomposed, the residue on his hands could no longer be detected.

Another officer, who is also familiar with the probe, said that investigators were making sincere and intensive efforts under the supervision of senior police officers. The call record data (CRD) of the deceased, along with details of his family background and friends, was also being obtained. Analysis of the available CCTV footage was also underway.

The officer said the investigation would produce the “best results within a very short time”.

Published in Dawn, August 3rd, 2026