4 min readMumbaiAug 1, 2026 03:59 PM IST
A ₹32-crore financial dispute between two business partners allegedly culminated in an assassination bid when masked gunmen shot Vasai industrialist and GSM Foils Managing Director Mohansingh Parmar outside his factory, with the Waliv police arresting seven people, including his business partner who allegedly masterminded the attack to seize complete control of the company.
Police claimed Parmar’s business partner, Sagar Bhanushali, had hired contract killers for ₹5 lakh, paying only a few thousand rupees in advance to one Vijay Prajapati. Parmar suffered a bullet injury to the right side of his chest and is currently out of danger, recuperating at a hospital in Nalasopara.
“The alleged mastermind, Sagar Bhanushali, had suffered massive losses in the US stock market and accumulated debts running into crores. Bhanushali had allegedly persuaded him to buy his shares in the company for around Rs. 32 crore. Parmar paid an amount of Rs. 32 crore to Bhanushali,” said Deputy Commissioner of Police Ashok Virkar (Zone II) of the MBVV police. “During investigation it was revealed that the accused hatched a murder conspiracy with the aim of avoiding the responsibility of returning the amount if Parmar was killed and also to gain huge financial benefits by taking complete control over the company,” said Virkar.
The arrested accused are Sagar Girish Bhanushali, the alleged main conspirator, shooters Sujeet Pandey and Manoj Thathera, residents of Azamgarh and Ballia in Uttar Pradesh, respectively, Vijaykumar Prajapati, Anup Prajapati, Vijay Kumar Vishwakarma, Gokul Gautam and Mohammed Yusuf Khan of Goregaon.
According to the police, the incident took place around 8 pm on July 24 outside GSM Foils Limited in Diamond Industrial Estate, Vasai East. As Parmar walked towards his parked Mahindra Thar after leaving the factory, Sujeet Pandey and Anup Prajapati, who had allegedly been waiting near the premises on a motorcycle, put their plan into action.
Police said Pandey, wearing a mask and hiding behind a parked WagonR, called out “Mohan”. As Parmar turned around, Pandey allegedly fired at his chest from a distance of a few feet. Parmar collapsed on the ground shouting for help after sustaining a bullet injury.
According to the FIR, when company employee Narendra Rohidas Borade rushed to assist Parmar, the shooter allegedly pointed the pistol at him and attempted to fire again, but the weapon malfunctioned. The accused then allegedly struck Parmar on the head with the butt of the pistol before fleeing on a motorcycle ridden by Anup Prajapati, who had been waiting near the factory gate.
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Parmar sustained a bullet injury to the right side of his chest and a head injury above his left eye. He was initially taken to Gayatri Hospital before being shifted to Riddhi Vinayak Hospital in Nalasopara.
Police analysed CDR, IDPR and CCTV footage from the industrial estate and surrounding roads to identify the assailants. Technical analysis and local intelligence led investigators to Uttar Pradesh, where the accused were traced and arrested.
According to the police investigation, Vishwakarma arranged the weapons, vehicles and shooters, while Thathera procured illegal firearms from Uttar Pradesh. Gautam allegedly helped source the weapons, and Anup Prajapati conducted reconnaissance, drove the getaway motorcycle and attempted to destroy evidence after the attack.
All the accused have been booked for attempt to murder, criminal conspiracy, offences under the Arms Act and provisions of the Maharashtra Police Act. Further investigation is underway.
