A high-stakes corporate crime unfolded in the industrial hub of Vasai near Mumbai, Maharashtra, after a deadly assassination attempt on a prominent business executive revealed a chilling plot driven by financial ruin. Mohan Singh Parmar, the Managing Director of GSM Foils, narrowly escaped death when a gunman's pistol jammed during a daylight ambush in the Naikpada area. As law enforcement officers dug deeper into the background of the assault, suspicion turned away from external rivals and pointed directly at the company's 33-year-old Co-Chairman, Sagar Bhanushali. Police investigations indicate that catastrophic stock market losses and crushing debt led Bhanushali to orchestrate a contract killing to eliminate his business partner and seize operational control of the enterprise.
Daylight Ambush and Mechanical Weapon Failure in Vasai
Panic erupted in the Naikpada locality of Vasai on the afternoon of July 26 when two unidentified assailants riding a motorcycle targeted Mohan Singh Parmar. The attackers intercepted Parmar at close range and opened fire, striking him in the shoulder with a single bullet. Intent on completing the targeted hit, the assailants attempted to discharge a second round immediately after the initial shot. However, a sudden mechanical glitch jammed the handgun, preventing further bullets from being fired. Panicked by the malfunction and unable to clear the breach, the hitmen fled the scene on their motorcycle before onlookers could intervene.
Local bystanders and witnesses rushed to assist Parmar, transferring him swiftly to a nearby medical facility for emergency care. Physicians treated the gunshot wound to his shoulder and subsequently confirmed that his condition had stabilized. While preliminary inquiries initially treated the incident as a potential street assault or external commercial dispute, detailed questioning and intelligence gathering quickly brought internal board dynamics under intense police scrutiny.
Stock Market Debt of ₹55 Crore and Escalating Stake Pressure
Investigators unraveling the motive discovered that Sagar Bhanushali was drowning in massive financial liabilities stemming from speculative trading. The 33-year-old Co-Chairman had lost approximately ₹55 crore in the stock market, leaving him exposed to relentless pressure from creditors and lenders. Unable to meet his personal debt obligations, Bhanushali sought a way out by leveraging his executive position and financial stakes in GSM Foils.
Company-related financial liabilities had mounted to around ₹32 crore. To clear these debts, Bhanushali put pressure on Managing Director Mohan Singh Parmar to buy out his equity stake in GSM Foils for roughly ₹32 crore. When Parmar refused to agree to the buyout terms or absorb the financial burden, Bhanushali allegedly conceived a sinister alternative. Law enforcement officers believe Bhanushali concluded that killing Parmar would nullify his obligation to negotiate the ₹32 crore buyout while granting him total control over company assets and management decisions.
₹40 Lakh Hitman Contract and Advance Payment
Police findings revealed that the attack was far from a spontaneous crime of passion, having been meticulously engineered over weeks. To carry out the hit, Bhanushali allegedly engaged contract killers, finalizing a total contract price of ₹40 lakh for Parmar's murder.
To initiate the operation and guarantee performance, an advance payment of ₹5 lakh was paid directly to the hired hitmen prior to the assault. With cash in hand, the contract killers tracked Parmar's movements before launching the ambush in Vasai on July 26. This clear paper trail of financial transactions and pre-planned logistics elevated the case to a major corporate contract killing investigation.
Police Operation in Uttar Pradesh and Executive Arrests
Recognizing the gravity of the crime, police established specialized investigative units to track the perpetrators. Utilizing technical surveillance, electronic location tracking, and confidential local intelligence, a specialized police team raided a location in Uttar Pradesh, apprehending Sagar Bhanushali as he attempted to evade arrest. In coordinated operations across multiple locations, authorities also detained six additional accomplices, bringing the total number of custody arrests to seven.
Providing an official assessment of the motive, Additional Commissioner of Police Sanjay Shintre stated, "Sagar Bhanushali planned Parmar's murder thinking it would end his financial liability and increase his control over the company." Investigators are now interrogating the detained suspects to establish how the hitmen were recruited and how financial transfers were processed.
Forensic Analysis and Broadened Corporate Investigation
Law enforcement agencies are treating the case as a multi-layered corporate financial crime rather than a simple violent shooting. Specialized teams are collecting scientific, technical, digital, and banking evidence to construct an airtight case. Investigators are analyzing call detail records, digital activity logs, bank accounts, and personal contacts among all seven accused.
Detectives are also probing whether other internal company figures or external financial facilitators played a role in advising or executing the conspiracy. Following the arrest of seven individuals, the case underscores how a ₹55 crore stock market collapse and ₹32 crore in corporate liabilities destroyed a professional partnership, culminating in an attempted murder. Parmar's survival due to a jammed pistol has brought to light a dramatic tale of corporate greed, debt, and betrayal.
