Vasai, August 1, 2026: Police have arrested seven people, including the alleged mastermind, Sagar Bhanushali (33), in connection with the attempted murder of 46-year-old Vasai-based businessman Mohansingh Parmar.
It is alleged that the murder plot was hatched to avoid repaying Rs 32 crore taken from Parmar and to gain complete control of the company, GSM Foils.
The primary accused, Sagar Bhanushali, serves as the Chairman of GSM Foils, while Parmar is the Managing Director (MD). According to the police, Bhanushali suffered massive financial losses and accumulated debts worth crores of rupees following a downturn in the US stock market triggered by the Iran-Israel conflict.
Alleged Financial Motive
GSM Foils manufactures blister foils and aluminium pharma foils for the pharmaceutical sector. Investigating officers revealed that Bhanushali had persuaded Parmar to purchase his stake in the company, securing nearly Rs 32 crore in the process. However, instead of repaying the amount, he allegedly plotted Parmar's murder, believing that Parmar's death would erase his financial liability and hand him sole control of the company.
The attack took place on July 24 within the premises of Diamond Industrial Estate in the Navjeevan area of Vasai (East). Two assailants on a motorcycle intercepted Mohansingh Parmar and opened fire.
The first bullet struck Parmar in the shoulder. The shooter allegedly attempted to fire a second shot, but the pistol jammed. The attackers then struck Parmar with the butt of the gun before fleeing the scene.
Seven Accused Arrested
Police investigations identified Bhanushali as the prime suspect. Using technical intelligence and inputs from local informants, a team from the Waliv Police, in coordination with the Uttar Pradesh Police's Special Task Force (STF), tracked Bhanushali down and arrested him in Uttar Pradesh.
Among those arrested are the two alleged shooters who had been absconding after the attack. The accused have been identified as Sujeet Pandey, arrested from Ballia, and Manoj Thathera, arrested from Azamgarh in Uttar Pradesh.
Police have also arrested five other accused, identified as Sagar Girish Bhanushali, Vijaykumar Prajapati, Gokul Gautam, Anup Prajapati, and one more accused whose identity has not yet been disclosed.
According to police, the attack took place when two masked assailants arrived outside Parmar's company on a motorcycle. They first confirmed his identity by asking his name and then pointed a pistol at his forehead. Parmar attempted to push the weapon away, following which the attackers opened fire before fleeing the scene.
The injured industrialist was immediately rushed to a hospital for treatment. After learning that the accused had escaped to Uttar Pradesh, the Maharashtra Police sought assistance from the Uttar Pradesh STF. A joint operation by the STF and the Waliv Police Detection Branch led to the successful arrest of the two alleged shooters and their associates.
Investigation Continues
During the investigation, police found that Parmar and Bhanushali were partners in GSM Foils Limited. Investigators revealed that Bhanushali had invested a substantial amount of money in the stock market and allegedly suffered heavy financial losses due to a decline in the US stock market, leaving him burdened with debts worth crores of rupees.
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Police said Bhanushali had allegedly hired contract killers for Rs 30 lakh, including an advance payment of Rs 5 lakh.
Parmar, who sustained a gunshot wound during the attack, is currently in stable condition.
The investigation into the motive and the broader conspiracy behind the shooting is still underway, and police are continuing further inquiries.
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