An underworld figure gunned down in a hail of bullets in a suspected ambush had a massive price on his head.
Mahmoud Karam, 60, was allegedly killed during a gun battle that saw up to 15 shots fired.
Detectives will probe whether Karam was lured to the residential Campbellfield street, in Melbourne’s north, to be ambushed on Friday night.
CCTV from a nearby home captured the shots being fired, with a speeding Porsche captured driving away before a burnt-out car was found dumped on Northbourne Rd about 11pm.
A 20-year-old Yarraville man and a 22-year-old man from Westmeadows remained under police guard in hospital on Monday.
They were arrested after being dropped off at a hospital following the attack with injuries suspected of happening during the shootout or subsequent car fire.
It is understood Karam had been marked for death over a $3million debt owed to him by a feared underworld character, the team from Outlaw Media reported.
While Daily Mail Australia has chosen not to name that man, he is suspected of putting out a huge contract on Mr Karam before fleeing the country himself.
‘This assassination isn’t just another standard gangland hit. It’s woven with threads of long standing debt, revenge and calculated retribution,’ it reported.
Mahmoud Karam, 60, had apparently gone to war with a rival that owed him a lot of money
‘This was a dispute over a significant sum of money.’
It is understood Karam is suspected of going after the money he was owed with extreme prejudice, attacking his rival’s businesses and family.
The debt was allegedly squandered on shopping trips to Dubai, where the suspected mastermind of Karam’s murder fled to safety just days ago.
‘It is now clear that Karam’s actions were driven by desperation, perhaps a final warning to (his rival),’ Outlaw Media reported.
‘Gangland sources have today revealed he paid (a hitman) $500,000 to arrange Karam’s assassination … two days before the assassination he fled to Dubai insuring he was out of reach by both law enforcement and any potential reprisals by Karam’s family.’
It was further suggested Karam might have been playing an even more dangerous game in Melbourne’s volatile underworld.
‘Underworld sources have confirmed that Karam was playing both sides of the war by giving private information not only to one side, but as well as assisting (another man) to find individuals he was looking for,’ Outlaw Media reported.
‘That was never going to end well.’
Police investigate the scene in Campbellfield where a gun fight took place
Up to 15 shots were fired in the gun fight at Campbellfield on Friday night
The suspected mastermind of a gangland hit is believed to have fled to Dubai (pictured)
It is understood Karam, from Craigieburn, was aware his life was under threat and had armed himself with a gun.
Homicide detectives found what appeared to be a sawn-off shotgun, possibly belonging to Karam, under a car outside the Gentles Ave home where the gunmen had ambushed him about 10.10pm.
Victoria Police’s VIPER Taskforce, which monitors organised crime in Victoria, questioned nearby residents at the weekend.
Victoria Police Acting Superintendent Kelly Walker said on Saturday that detectives would remain open-minded about the motives behind Karam’s killing.
‘Homicide Squad will canvas all avenues available to them, extensive CCTV in the area, we’ve got the vehicles and obviously witnesses,’ Ms Walker said.
‘We want to provide the reassurance that we believe that (it was) targeted and provide the community the reassurance that we are exhausting all investigative avenues.’
Anyone with information should contact Crime Stoppers on 1800 333 000.
