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Special judge for cases under the Maharashtra Control Of Organised Crime Act (MCOCA), AM Patil, held Rajan guilty under the Indian Penal Code provisions for murder.
The court is likely to decide the quantum of punishment later in the day.
Jaya Shetty owned the Golden Crown hotel at Gamdevi in central Mumbai Shetty, who was facing extortion threats from the Chhota Rajan gang, was shot dead by two alleged members of the gang on the hotel’s first floor on May 4, 2001.
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However, his security was withdrawn on his request, two months before the attack.