India, Aug. 3 -- It was a Rs.50 lakh transaction, not the bullets fired at him, that cracked open the alleged conspiracy to kill Vasai businessman Mohansingh Laxmansingh Parmar over a Rs.32 crore debt, with police naming his trusted business partner as the mastermind behind the plot.

Police officers say businessman Parmar, a partner at GSM Foils Ltd in Vasai East, narrowly escaped an assassination attempt allegedly masterminded by his own business partner, Sagar Bhanusali, who, according to police, wanted to avoid repaying a massive loan and seize complete control of the business.

The seven accused were produced before a court on Saturday and remanded to police custody till August 5. According to Dilip Ghuge, senior police inspector of ...