Chairman of company tried to get MD killed to avoid repaying Rs 32 crore, arrested

VASAI: Waliv police have cracked the attempted murder of Vasai-based industrialist Mohansingh Parmar (46), arresting seven persons, including the alleged mastermind, who investigators say plotted the attack to evade repaying him Rs 32 crore and gain complete control of their company, GSM Foils.The prime accused, Sagar Bhanusali (33), is chairman of GSM Foils while Parmar is the managing director. Police said Bhanusali suffered massive financial losses after the US stock market crashed following the Iran-Israel conflict, leaving him burdened with debts running into crores. GSM Foils' stock price on NSE closed at the 20% lower circuit at Rs 192 on Friday.In a notice to NSE, the stock exchange on which GSM Foils is listed, the company said that the incident had happened in the Naikpada area under Waliv police station. “Soon after the incident, (Parmar) received prompt medical attention... His health condition is reported to be stable and improving.”“The senior management team has taken the necessary steps to ensure continuity of the company’s operations. At present, the company’s manufacturing facilities at Vasai and Ahmedabad continue to function normally,” the company disclosed on NSE.GSM Foils is engaged in manufacturing blister foils and aluminium pharma foils for the pharmaceutical industry. In Friday’s relatively stable market, its stock price on NSE closed at the 20% lower circuit at Rs 192.According to investigators, Bhanusali had persuaded Parmar to purchase his stake in the company and received nearly Rs 32 crore. Instead of repaying the amount, though, he allegedly conspired to eliminate Parmar, believing that his death would wipe out the financial liability and enable him to take complete control of the company.The attack took place on July 24 at the company’s premises in Diamond Industrial Estate at Navjeevan in Vasai East. Two motorcycle-borne assailants intercepted Mohansingh Laxmansingh Parmar (46) and opened fire. Parmar was hit in the shoulder by the first bullet. The assailant attempted to fire a second round, but the pistol jammed. He then assaulted Parmar with the butt of the weapon before fleeing.Police investigations pointed to Bhanusali as the prime suspect. Acting on technical intelligence and local inputs, a Waliv police team, with assistance from Uttar Pradesh police special task force, tracked down and arrested Bhanusali in UP. Six other accused were subsequently arrested from different locations.Additional Commissioner of Police Sanjay Shintre said Bhanusali had invested heavily in the international stock market and suffered huge losses after the US markets declined, pushing him into severe debt. Investigators found that he hatched the murder plot to escape repaying Rs 32 crore and gain complete control of the company.Police said Bhanusali allegedly paid Rs 30 lakh to execute the contract killing, including an advance of Rs 5 lakh.The arrested accused have been identified as Sujit Devendrabhai Pandey, the alleged shooter; Manoj Mulchand Thathera, who allegedly arranged the illegal firearm from Uttar Pradesh; Gokul Omprakash Gautam, who assisted in procuring the weapon; Anup Virendra Prajapati, who conducted reconnaissance, rode the motorcycle, facilitated the assailant’s escape and attempted to destroy evidence; and Vijaykumar Prajapat Vishwakarma, who allegedly arranged the vehicle and the shooter.Police said the pistol used in the attack is yet to be traced to its source. Investigators are also probing whether the conspiracy has links to a larger financial, commercial or organised crime network. The investigation is continuing with the help of scientific, technical, digital, financial and forensic evidence.Parmar, who sustained a gunshot injury in the attack, is stable, police said.You Can Also Check: Gold Rate in Mumbai | Silver Rate in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai | Mumbai AQI | Weather in Mumbai | Petrol Price in Mumbai | Diesel Price in Mumbai | CNG Price in Mumbai | LPG Price in MumbaiStay updated with the latest Mumbai news. Download the TOI App.