Mohol, currently lodged in Taloja Jail, is also accused of killing the suspected Indian Mujahideen operative Mohammad Qateel Siddiqui in Yerawada jail in June 2012.
Additional Sessions and District judge Ashok Kumar Bhilare found Mohol and other six guilty of the murder of Kishor Marne, a member of Ganesh Marne gang.
According to the prosecution, Mohol and others killed Marne at a hotel near Nilayam theatre on January 11, 2010.
Marne is facing trial in the Sandeep Mohol murder case.
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"Sharad Mohol and his men attacked Kishor with sharp-edged weapons and fired five rounds at him," said the prosecutor Ujjwla Pawar.
A total of 33 witnesses were examined. The prosecution also relied on CCTV footage of the scene of crime.
While in prison after he was arrested for Marne's murder and some other cases, Sharad Mohol and Alok Bhalerao allegedly strangled Qateel, a terror suspect, inside Yerawada prison on June 8, 2012.