VASAI: A financial dispute over Rs 32 crore allegedly turned into a murder conspiracy, with GSM Foils chairman Sagar Bhanusali accused of plotting the killing of the company’s managing director Mohansingh Parmar (46) to avoid repayment and regain complete control of the firm, police said.According to investigators, Bhanusali allegedly hired contract killers to carry out the attack after he failed to clear the amount he owed to Parmar following the sale of his stake in GSM Foils.How the alleged conspiracy beganPolice said the dispute began after Bhanusali allegedly convinced Parmar to purchase his stake in the company. Parmar reportedly paid nearly Rs 32 crore for the stake, but Bhanusali allegedly failed to repay the amount.Investigators suspect that instead of settling the financial liability, Bhanusali allegedly decided to eliminate Parmar and take complete control of the company.The alleged conspiracy reportedly took shape when Bhanusali came under severe financial pressure following losses in the stock market.Financial losses allegedly pushed chairman into debtAccording to police, Bhanusali had invested heavily in international stock markets and suffered major losses after a decline in the US market following the Iran-Israel conflict.The losses allegedly left him burdened with debts running into crores. Investigators believe the financial crisis became a key reason behind the alleged plan to kill Parmar, as Bhanusali wanted to escape repayment of Rs 32 crore and retain control of GSM Foils.Alleged contract killing planPolice alleged that Bhanusali then planned a contract killing and brought in people to execute the attack on Parmar.Investigators said around Rs 30 lakh was allegedly fixed for the murder plan, with an advance payment of Rs 5 lakh allegedly made.Police said several people were allegedly involved in different roles, including arranging the firearm, carrying out surveillance on Parmar’s movements and helping the attackers escape after the shooting.Attack inside GSM Foils premisesThe alleged plan was executed on July 24 at GSM Foils’ premises in Diamond Industrial Estate, Navjeevan, Vasai East.According to police, two motorcycle-borne assailants intercepted Parmar and opened fire at him.The first bullet hit Parmar on his shoulder, while the second shot allegedly failed after the pistol jammed. The attacker then allegedly hit Parmar with the butt of the weapon before fleeing from the spot.Parmar was immediately taken for medical treatment. Police said his condition is stable and improving.How police cracked the alleged murder conspiracyDuring the investigation, Waliv police allegedly identified Bhanusali as the mastermind behind the attack.Using technical intelligence and local inputs, police traced him to Uttar Pradesh and arrested him with the assistance of the Uttar Pradesh Police Special Task Force.Six other accused allegedly involved in the conspiracy were later arrested from different locations.Seven accused arrestedThe arrested accused include Sujit Devendrabhai Pandey, who police identified as the alleged shooter.Other accused include Manoj Mulchand Thathera, who allegedly arranged the illegal firearm from Uttar Pradesh; Gokul Omprakash Gautam, who allegedly helped procure the weapon; Anup Virendra Prajapati, who allegedly conducted reconnaissance, rode the motorcycle, helped the shooter escape and attempted to destroy evidence; and Vijaykumar Prajapat Vishwakarma, who allegedly arranged the vehicle and the shooter.Probe into possible larger conspiracyPolice said the source of the pistol used in the attack is yet to be traced.Investigators are examining scientific, technical, digital, financial and forensic evidence to determine whether the alleged conspiracy has links to any larger financial, commercial or organised crime network.The investigation is ongoing.GSM Foils operations continueGSM Foils, which manufactures blister foils and aluminium pharma foils for the pharmaceutical industry, informed the National Stock Exchange (NSE) that the incident took place in the Naikpada area under Waliv police station limits.The company said its manufacturing units in Vasai and Ahmedabad continue to operate normally.The company’s shares on the NSE closed at the 20% lower circuit at Rs 192 on Friday.