7 arrested for plotting to kill Maharashtra businessman over Rs 32 crore loan

Police in Maharashtra’s Palghar district have uncovered an alleged murder conspiracy involving Vasai-based industrialist Mohan Singh Laxman Singh Parmar, who was allegedly targeted in a plot linked to Rs 32 crore. Investigators say the attack was planned to avoid repayment of a large financial liability and to gain control of the victim’s company.The Valiv Police have arrested seven people in connection with the case, including the alleged mastermind, and say the probe is continuing.According to the police, the conspiracy was orchestrated by Sagar Girish Bhanushali, a partner in GSM Foils Limited in Vasai’s Diamond Industrial Estate.Investigators allege that Bhanushali had received around Rs 32 crore from Parmar after suffering major stock market losses and falling into debt. Police suspect that Parmar’s death would have erased the repayment obligation and enabled Bhanushali to take complete control of the company. The attack took place on the night of July 24 outside the company premises in the Naikpada area of Vasai East.Police said two bike-borne assailants approached Parmar and opened fire at close range when the businessman stepped out of his office. Parmar suffered a bullet injury to his shoulder and sustained serious injuries during the assault. Investigators have identified the alleged shooter as Sujit Devendrabhai Pandey and his associate as Anup Virendra Prajapati.Police said that after the first shot was fired, the weapon allegedly malfunctioned and the attacker struck Parmar with the butt of the pistol before both men fled the scene.Parmar was immediately taken to a private hospital, where he underwent surgery.Police said his condition is now stable and has improved considerably. “The victim’s health has improved considerably, and he is in stable condition,” an investigating officer said.The breakthrough came after investigators analysed CCTV footage, call detail records, technical data and other digital evidence.During the investigation, police found that the motorcycle used in the attack carried a fake registration number plate. A special police team later travelled to Uttar Pradesh and arrested Sujit Pandey, alleged weapon supplier Manoj Thathera and several other accused.Additional Police Commissioner Sanjay Shintre said the investigation is being pursued with scientific, digital, financial and forensic evidence.Police are also examining whether a larger financial or organised criminal network may be linked to the conspiracy.The case has exposed what investigators describe as a carefully planned murder-for-gain scheme rooted in business rivalry and large financial transactions.With seven arrests already made, investigators are now working to determine whether additional suspects or criminal links will emerge as the probe progresses.- EndsPravin Sitaram Nalawade inputPublished On: Aug 1, 2026 11:07 IST