A 56-year-old man accused of cheating investors of around Rs 30.26 crore through a stock market investment scheme has been arrested by the Mumbai Economic Offences Wing (EOW) in Gujarat.
The accused, Roshan Bhushan Sheth, allegedly promised investors monthly returns of 5% and used fabricated financial records to make the scheme appear legitimate. Police said 42 people from Maharashtra and Gujarat are believed to have been targeted.
The investigation began after Kandivali resident Sanjay Hiralal Shah approached Mumbai Police in April, alleging that his family had lost Rs 10.81 crore. Investigators later found that several other investors had allegedly been approached using a similar pitch.
According to the EOW, Sheth first came in contact with Shah’s software engineer son in 2020. He allegedly claimed to be developing a trading application called ‘Investok’ and eventually convinced the family to invest money.
Sheth allegedly held meetings at his apartments in Sion and Matunga, where he showed investors manipulated Excel sheets and fake profit statements to suggest that their money was being successfully traded in the stock market.
Investigators said the actual principal amount collected was around Rs 5 crore, while the combined loss reported by victims is approximately Rs 30.26 crore. Sheth allegedly paid about Rs 3.8 crore in small instalments as supposed profits before stopping payments in December 2025.
He reportedly went missing in April 2026, prompting investigators to track his movements. Technical surveillance eventually led the EOW team to a residential building in Valsad, Gujarat.
After keeping watch for three days, officers allegedly entered his apartment posing as housekeeping workers and arrested him in July.
The probe also revealed that Sheth allegedly changed his identity several times. He was previously known as Jayesh Hasmukhbhai Shah and later used the name Rahul Atulbhai Parekh while living in Delhi. In Mumbai, he operated under the name Roshan Bhushan Sheth.
Police have recovered a BMW, Mercedes, Mahindra Thar, 14 luxury watches, gold ornaments worth Rs 1.67 crore and Rs 17 lakh in cash. Three residential properties have also been attached as part of the investigation.
A chargesheet filed on September 1 lists 37 witnesses. Salon workers who maintained Sheth’s wig are among those cited by investigators and reportedly helped establish his identity.
The EOW has asked other investors who may have been affected by the alleged scheme to approach the agency with details of their investments.
