Chairman of GSM Foils arrested after attempted killing of managing director

Vasai police have detained seven individuals in connection with an attempted homicide of industrialist Mohansingh Parmar, the managing director of GSM Foils. The alleged mastermind, Sagar Bhanusali, serves as the company's chairman and is accused of orchestrating the assault to evade a Rs 32 crore repayment and to assume complete ownership. On July 24, two gunmen on a motorcycle opened fire on Parmar at the Diamond Industrial Estate, wounding him in the shoulder before the weapon jammed and the assailant fled.

Parmar received prompt medical care and is reported to be stable. Authorities say Bhanusali, burdened by heavy debts after a market downturn, funded the plot with about Rs 30 lakh, including an advance. The other arrested suspects are linked to procurement of the firearm, logistics, and the shooting itself. The investigation continues with forensic and financial analysis.