Vasai: A boardroom dispute at a pharmaceutical packaging company in Maharashtra has allegedly escalated into a contract killing conspiracy, with police accusing GSM Foils Chairman Sagar Bhanusali of plotting the murder of the company’s Managing Director Mohansingh Parmar over a financial dispute involving approximately ₹32 crore. Investigators allege that the conspiracy was aimed at avoiding repayment arising from a share transaction and regaining complete control of the company. Seven persons, including the chairman, have been arrested so far, while investigators continue to examine the financial and criminal dimensions of the case.
According to police, the dispute began after Bhanusali allegedly persuaded Parmar to purchase his stake in GSM Foils. Investigators claim that Parmar paid nearly ₹32 crore as part of the transaction, following which a serious dispute arose over the financial settlement. Police allege that instead of clearing the outstanding liability, the accused conspired to eliminate Parmar.
Investigators further alleged that Bhanusali suffered substantial losses in international stock markets. Police claim that the decline in US markets following geopolitical tensions in West Asia placed him under severe financial stress, resulting in significant debts. According to investigators, this financial crisis allegedly became the motive behind the planned attack.
Police said the alleged murder conspiracy involved a contract worth around ₹30 lakh, of which ₹5 lakh was allegedly paid in advance. Investigators claim that different individuals were assigned specific roles, including arranging an illegal firearm, conducting surveillance on Parmar’s movements, transporting the assailants, and helping them escape after the attack.
According to investigators, the alleged plan was executed on July 24 inside the premises of GSM Foils at Diamond Industrial Estate in Vasai East. Police alleged that two motorcycle-borne assailants intercepted Parmar and opened fire on him. The first bullet struck his shoulder, while the second shot allegedly failed after the pistol malfunctioned. Investigators further alleged that one of the attackers then assaulted Parmar with the butt of the weapon before both fled the scene. Parmar was immediately taken to hospital, where he remains under treatment. Police said his condition is stable.
Following the attack, the Waliv Police launched an extensive investigation using technical intelligence, digital evidence, and local inputs. Investigators traced the alleged mastermind, Sagar Bhanusali, to Uttar Pradesh and arrested him with the assistance of the Uttar Pradesh Police Special Task Force (STF). Subsequently, six other accused were arrested from different locations.
Among those arrested are alleged shooter Sujit Devendrabhai Pandey, along with Manoj Mulchand Thathera, Gokul Omprakash Gautam, Anup Virendra Prajapati, and Vijaykumar Prajapat Vishwakarma, besides the chairman. Police alleged that the accused played different roles, including procuring the illegal firearm, conducting reconnaissance, arranging the motorcycle used in the attack, facilitating the escape of the assailants, and attempting to destroy evidence.
Investigators are now examining the source of the weapon used in the attack, financial transactions, digital communications, forensic evidence, and the movement of funds linked to the alleged conspiracy. Police are also probing whether the case has connections with a larger financial, commercial, or organised crime network.
Meanwhile, GSM Foils informed the National Stock Exchange that despite the incident, its manufacturing facilities in Vasai and Ahmedabad continue to function normally. Police have emphasised that the investigation remains ongoing and that further legal action will depend on the evidence gathered during the course of the probe.
About the author — Suvedita Nath is a science student with a growing interest in cybercrime and digital safety. She writes on online activity, cyber threats, and technology-driven risks. Her work focuses on clarity, accuracy, and public awareness.
