3 hrs ago
Wig-Wearing Trader Accused in Crores-Scale Investment Fraud
Police say Rohan Bhushan Sheth ran a fake share-trading investment scheme.
He showed investors statements that allegedly made it look like their money was earning profits.
He promised monthly returns of as much as 5 per cent.
When people asked for their money back, the payments allegedly stopped.
Investigators say he used three names and wore a wig so investors would not recognise his bald appearance.
They say he bought expensive homes, cars and watches using money connected to the alleged fraud.
Police tracked him to Valsad and arrested him after disguising themselves as housekeeping workers.
The EOW has filed a chargesheet and is asking other possible victims to come forward.
The Economic Offences Wing arrested Rohan Bhushan Sheth in Valsad on July 3 over an alleged investment fraud.
Investigators say Sheth used fabricated profit statements and promised investors monthly returns of up to 5 per cent.
The EOW identified 42 investors from Maharashtra and Gujarat who reported alleged losses of about Rs 30.26 crore.
Sheth allegedly used three identities, wore a wig when meeting investors and maintained a luxury lifestyle.
Police filed a chargesheet on September 1 and attached properties, vehicles, gold, watches and cash allegedly linked to the scheme.
- Who
- The Economic Offences Wing, Rohan Bhushan Sheth and 42 identified investors, including Sanjay Hiralal Shah and his family.
- What
- Sheth is accused of collecting investment money through a purported share-trading scheme supported by fabricated profit statements and false return promises.
- Where
- Investors were hosted at apartments in Sion and Matunga; Sheth was arrested in Valsad, Gujarat.
- When
- The alleged payment failures began in December 2025; Sheth was arrested on July 3, and the chargesheet was filed on September 1.
- Why
- The EOW alleges that Sheth used the scheme to obtain investors’ money and fund properties, vehicles, gold, watches and other valuables.
Key facts
- Accused
- Rohan Bhushan Sheth, 56
- Identified investors
- 42 people from Maharashtra and Gujarat
- Reported alleged losses
- About Rs 30.26 crore
- Promised returns
- About 1 per cent initially, later up to 3-5 per cent monthly
- Arrest location
- Valsad, Gujarat
- Chargesheet
- Filed on September 1; names 37 witnesses
- Seized assets
- Three properties, four vehicles, imported watches, gold ornaments worth about Rs 1.67 crore and Rs 17 lakh in cash
Sources
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