Archive · 14 Sep 2026
Wig, Aliases and Luxury Cars in Mumbai Investment Fraud
Police say Rohan Bhushan Sheth ran a fake investment business.
He told people that he was trading their money in the stock market.
He showed them statements and spreadsheets that allegedly made it look as if they were earning profits.
He promised returns of up to 5 per cent each month.
Police say payments stopped in December 2025 and Sheth later left Mumbai.
Investigators allege that he used three names and wore a wig so people would not recognise him.
They say he used money connected to the alleged fraud for expensive homes, cars, watches, gold and cash.
Police found him in Valsad after tracking transactions and his BMW.
The EOW has filed charges and is seeking information from other possible victims.
The Economic Offences Wing arrested 56-year-old Rohan Bhushan Sheth in Valsad, Gujarat, in July over an alleged stock-market investment fraud.
Police say Sheth used fabricated profit statements, manipulated Excel sheets and promises of monthly returns of up to 5 per cent to attract investors.
The EOW identified 42 investors from Maharashtra and Gujarat who reported combined alleged losses of about Rs 30.26 crore from roughly Rs 5 crore in principal investments.
Investigators allege Sheth used three identities, wore a wig to disguise his appearance and spent the money on luxury flats, vehicles, watches, gold and cash.
The EOW filed a chargesheet on September 1, attached properties and other assets, and asked additional possible victims to come forward.
- Who
- The Economic Offences Wing, Rohan Bhushan Sheth, and 42 identified investors, including complainant Sanjay Hiralal Shah and his family.
- What
- Sheth is accused of collecting money through a purported share-trading scheme using fabricated profit statements and promises of high monthly returns.
- When
- Payments allegedly stopped in December 2025; Sheth was arrested in July, and the chargesheet was filed on September 1.
- Where
- Investors met Sheth at apartments in Sion and Matunga in Mumbai; he was arrested in Valsad, Gujarat.
- Why
- The EOW alleges that Sheth used the scheme to obtain investors’ money and finance a luxury lifestyle.
- Accused
- Rohan Bhushan Sheth, 56; one PTI report spells his first name as Roshan.
- Identified investors
- 42 people from Maharashtra and Gujarat, including an NRI woman
- Reported alleged losses
- Approximately Rs 30.26 crore
- Principal collected
- Around Rs 5 crore
- Promised returns
- Up to 5 per cent per month
- Arrest and chargesheet
- Arrested in Valsad in July; chargesheet filed on September 1 with 37 witnesses
- Seized or attached assets
- Three residential properties, four vehicles, 14 imported watches, gold ornaments worth about Rs 1.67 crore and Rs 17 lakh in cash
