- "Goodbye, Mr. Cain"
- ―Karla Fry to Chip Cain, the last words he would ever hear.
Posing as an undercover FBI agent, Axel Foley finds out that the ammunition fired at one of the robberies was designed by the manager of a gun club owned by Maxwell Dent. Foley has Bogomil's daughter Jan use her connections as an insurance agent to find out about Dent's financial dealings. Dent is robbing his own businesses on purpose in order to finance firearms transactions with an arms dealer named Nikos Thomopolis and is discreetly using Cain as the front man for his operations. Bogomil was shot because his investigation was on the correct track into the case.
Having foiled a robbery attempt at a bank depot, Foley is able to trick Dent's accountant Sidney Bernstein into using his computer and discovers that Dent and Karla are planning to leave the country. Foley also learns from Jan that all of Dent's businesses have had their insurance coverage canceled and are about to go bankrupt except his race track, which he is convinced is the next target. On the way to the race track, Foley solves the latest riddle sent to the police, and is convinced that this riddle was made easily solvable in order to implicate Cain as the Alphabet Bandit. However, Foley knows Cain is a patsy designed to throw the authorities off Dent's trail. During the robbery, Cain is shot in the head by Karla with her Desert Eagle, making it look like Cain was killed in his own botched heist. This led Harold Lutz to falsely claim that the crimes had been solved.