Mumbai: What initially appeared to be a targeted shooting of a Maharashtra industrialist has now unfolded into an alleged corporate conspiracy, with investigators claiming that the attack on GSM Foils Managing Director Mohansingh Parmar was orchestrated by a senior company executive seeking to erase a multi crore financial liability and gain greater control over the business.
The Vasai Police have arrested seven people, including GSM Foils co-chairman and whole time director Sagar Bhanushali, who investigators have identified as the alleged mastermind behind the attempted murder. According to the police, the motive stemmed from a financial dispute involving nearly rs 32 crore and an alleged plan to consolidate ownership of the company.
Parmar, 46, was shot by two motorcycle borne assailants in the Naikpada area of Vasai on July 26. A bullet struck him in the shoulder before the attackers fled after their firearm reportedly malfunctioned while attempting to fire a second shot. He was rushed to hospital and is currently stable and recovering.
Investigators allege that Bhanushali had suffered losses of nearly rs 55 crore in the stock market and had accumulated significant debts. Police claim he repeatedly pressured Parmar to purchase his stake in GSM Foils for around rs 32 crore. When those efforts failed, investigators say he allegedly conspired to eliminate Parmar instead of repaying the liability.
According to the police investigation, contract killers were allegedly hired for rs 40 lakh, with rs 5 lakh paid as an advance. Acting on technical surveillance and local intelligence, a special police team arrested Bhanushali from Uttar Pradesh, while six other accused were apprehended from different locations.
Additional Commissioner of Police Sanjay Shintre said investigators believe the alleged conspiracy was intended to remove the financial burden while allowing the accused to secure greater control of the company.
The investigation is being supported by digital, forensic, technical and financial evidence, with police examining money trails, communication records and other material to determine whether additional individuals played a role in planning the attack.
Meanwhile, GSM Foils has informed stock exchanges that Parmar is “stable and improving” following medical treatment. The company also confirmed that it is cooperating fully with law enforcement agencies and stated that manufacturing operations at its Vasai and Ahmedabad facilities continue without disruption despite the ongoing investigation.
The incident has also rattled investors. GSM Foils shares hit the 20% lower circuit after the company disclosed the firing incident and confirmed that one of its whole time directors had been taken into police custody, reflecting market concerns over governance and operational uncertainty.
The case remains under active investigation, and the allegations against the accused are yet to be tested in court. Police have indicated that further arrests or additional charges cannot be ruled out as the probe progresses.
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