GSM Foils MD Shooting: Chairman Arrested For Alleged ₹32 Cr Conspiracy

The Waliv police have arrested seven people, including GSM Foils Chairman cum Whole-time Director Sagar Bhanusali, in connection with the shooting of the company's Managing Director, Mohansingh Parmar, alleging that the attack was part of a conspiracy linked to a financial dispute of nearly ₹32 crore.

The incident took place on July 24 at the company's premises in Diamond Industrial Estate in Navjeevan, Vasai East, falling under the jurisdiction of Waliv police station. According to police, two motorcycle-borne assailants intercepted Parmar and opened fire. The first bullet struck him in the shoulder, and when the shooter allegedly attempted to fire again, the pistol jammed. The attacker then allegedly hit Parmar with the butt of the firearm before fleeing, according to a Times of India report.

Parmar, 46, survived the attack and is stable and recovering, according to both the police and the company. GSM Foils had earlier informed the National Stock Exchange that Parmar received prompt medical attention and that his condition was "stable and improving."

Alleged Motive Behind The Attack

According to investigators, Bhanusali, 33, allegedly masterminded the attack after suffering heavy losses in international stock markets and accumulating substantial debt. Police suspect he planned to have Parmar killed to avoid repaying money owed to him and to gain complete control of the company, TOI reported.

Police allege that Bhanusali had persuaded Parmar to purchase his stake in GSM Foils, receiving nearly ₹32 crore in the process. Investigators claim that instead of repaying the amount, Bhanusali allegedly plotted to have Parmar eliminated, which police say would have removed the financial liability and allowed him greater control of the company.

Additional Commissioner of Police Sanjay Shintre said Bhanusali had invested heavily in international stock markets and suffered significant losses after the markets declined, leaving him under severe financial pressure. Police allege he arranged the attempted contract killing and paid around ₹30 lakh for the operation, including an advance of ₹5 lakh.

These allegations are part of the ongoing investigation and have not been established in court, police said.

Arrests Across Locations

A Waliv police team, assisted by the Uttar Pradesh Police Special Task Force, tracked down and arrested Bhanusali in Uttar Pradesh. Six other suspects were subsequently arrested from different locations.

The accused include Sujit Devendrabhai Pandey, alleged to be the shooter, and Manoj Mulchand Thathera and Gokul Omprakash Gautam, who allegedly helped arrange and procure the illegal firearm from Uttar Pradesh. Anup Virendra Prajapati allegedly conducted reconnaissance before the attack and is accused of riding the motorcycle, helping the shooter escape and attempting to destroy evidence. Vijaykumar Prajapat Vishwakarma allegedly helped arrange the vehicle and the shooter, according to investigators.

Police said they are yet to establish the source of the pistol used in the shooting. Investigators are also examining whether the alleged conspiracy was limited to the financial dispute or had links to a wider commercial or organised crime network, supported by scientific, technical, digital, financial and forensic evidence.

GSM Foils confirmed that Parmar had survived the shooting and said his condition was improving. The company said Bhanusali had been taken into police custody as part of the investigation.

"The company is extending full cooperation to the investigating authorities. As the matter is under investigation, the Company is not in a position to comment further on the merits of the case," GSM Foils said.

The company added that the incident had not disrupted its business operations, and that its manufacturing facilities in Vasai and Ahmedabad continue to function normally. GSM Foils manufactures blister foils and aluminium pharmaceutical foils used by the pharmaceutical industry.

Shares of GSM Foils closed at the 20% lower circuit, at ₹192 apiece, on the NSE on Friday, reflecting investor concern over the developments.