1)She has access to Rays inventions, including his shrinking belt.
2) With all the mention of the black market, this could have been a demonstration on the usefulness of Rays inventions for criminal use.
3) She was the second person to be attacked. what better way of keeping yourself off the suspect list than faking your own murder attempt? Think about it, how did she get to the phone and call Ray when the killer jumped behind the door and blindfolded and gagged her as soon as she went inside? It was done to make the heros feel sympathetic and keep them off her back.
4) Batman sounds more concerned for Rays safety than capturing him. Why call him and tell him to stay right where he is if he is indeed the murderer? Batman has to know Ray would try and escape if he was warned early.
