Sagar Bhanushali, whom police have identified as the mastermind, allegedly plotted the murder to gain control of the company.

Police investigation has revealed shocking details in the shooting of Maharashtra-based industrialist and GSM Foils Managing Director Mohansingh Parmar.

Police have claimed that the attack was part of a conspiracy by the company's co-chairman to eliminate Parmar over a financial liability of nearly Rs 32 crore.

Co-chairman Sagar Bhanushali, whom police have identified as the mastermind, allegedly plotted the murder to gain control of the company.

Vasai Police have arrested seven people, including Bhanushali.

Parmar was shot at by two bike-borne assailants on July 26 in the Naikpada area of Vasai. A bullet hit Parmar in the shoulder. The attackers fled after the pistol jammed before a second shot could be fired. Parmar, 46, is now stable and undergoing treatment.

According to police, Sagar Bhanushali, 33, had lost Rs 55 crore in the share market and owed money to a lot of people.

To get out of the financial crisis, he allegedly pressured Parmar to buy out his stake in the company for around Rs 32 crore.

Investigators claim that instead of repaying the amount, Bhanushali allegedly plotted to eliminate Parmar.

Police allege that Bhanushali plotted the murder to gain full control of the company and get out of the debt trap.

"Sagar Bhanushali plotted Parmar's murder thinking it would remove the financial liability and also allow him to take greater control of the company," said Sanjay Shintre, Additional Commissioner of Police.

According to police, Bhanushali hired contract killers for Rs 40 lakh and had paid them Rs 5 lakh in advance.

Based on local inputs, a special team of police arrested the key conspirator, Sagar Bhanushali, from Uttar Pradesh.

Six other accused have also been taken into custody from different locations.

The case is being investigated using scientific, technical, digital and financial evidence.

Police are also probing whether anyone else was involved in the conspiracy.