Rs 32 Crore Debt, Takeover Plan: GSM Foils Plot To Murder Industrialist; Co-Chairman Among 7 Held

Police allege a Rs 32-crore business dispute led to the shooting of GSM Foils MD Mohansingh Parmar; co-chairman Sagar Bhanushali arrested.

Police claim GSM Foils co-chairman Sagar Bhanushali orchestrated the attack to gain complete control of the company and avoid repayment.

Source : Special arrangement

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Key points generated by AI, verified by newsroom

• Industrialist Mohansingh Parmar shot in an attempted murder.
• Co-chairman Sagar Bhanushali allegedly orchestrated attack over financial dispute.
• Parmar survived shooting, remains stable, receiving medical treatment.
• Police arrested seven, including Bhanushali; investigation continues.

A financial dispute worth nearly Rs 32 crore allegedly led to the attempted murder of Maharashtra industrialist Mohansingh Parmar, Managing Director of GSM Foils, with police claiming that the company's co-chairman masterminded the shooting to gain complete control of the business.

Investigators have arrested seven people in connection with the case, including GSM Foils co-chairman Sagar Bhanushali, who has been accused of orchestrating the attack. Police allege the conspiracy was driven by mounting financial pressure and an attempt to avoid a substantial repayment while taking over the company.

Business Dispute Allegedly Sparked Murder Plot

According to investigators, 33-year-old Sagar Bhanushali had suffered stock market losses estimated at around Rs 55 crore, leaving him under severe financial strain.

Police allege that Bhanushali had been trying to persuade Mohansingh Parmar to purchase his stake in GSM Foils for nearly Rs 32 crore. Investigators believe that when the deal failed to materialise, he allegedly hatched a plan to eliminate Parmar.

According to the police investigation, Parmar's death would have erased Bhanushali's repayment obligation while allowing him to gain complete control of the company.

Industrialist Shot Outside Company Premises

The attack took place on July 26 in Naikpada, Vasai, when 46-year-old Parmar was leaving the company premises.

Police said two men arrived on a motorcycle, and one of them allegedly opened fire, hitting Parmar in the shoulder. Investigators said the firearm jammed before a second shot could be fired. The accused allegedly assaulted Parmar with the butt of the pistol before fleeing the scene.

Parmar was rushed to hospital, where he underwent surgery. Police said he is currently in stable condition and continuing to receive medical treatment.

A case registered at Waliv Police Station (Crime No. 497/2026) includes charges under Sections 109(1) and 3(5) of the Bharatiya Nyaya Sanhita, relevant provisions of the Arms Act, and the Maharashtra Police Act.

Police Arrest Seven, Trace Suspects To Uttar Pradesh

Investigators said they identified the accused using call detail records, internet-based evidence, CCTV footage and information gathered from local sources.

A special Waliv police team tracked several suspects to Uttar Pradesh during the investigation.

Police arrested Manoj Moolchand Thathera, 27, from Azamgarh district during the early hours of July 30. Later the same day, Sujit Devendrabhai Pandey, 38, a resident of Ballia district, was arrested from Pura Chatti Market in Fardaha.

Authorities said seven people, including the alleged mastermind Sagar Bhanushali, have now been taken into custody in connection with the conspiracy.