Roshan Bhushan Sheth arrested for ₹30.26cr fraud on 42 investors
A 56-year-old man, Roshan Bhushan Sheth, has been arrested for tricking investors out of approximately ₹30.26 crore.
He promised 5% monthly returns on fake stock market deals to 42 people across Maharashtra and Gujarat.
The scam unraveled when Kandivali resident Sanjay Hiralal Shah (60) reported that his family was conned of ₹10.81 crore, leading the Economic Offences Wing to track Sheth down in Gujarat this July.
Chargesheet names 37 witnesses against Sheth
Sheth kept up the ruse with fake profit statements and even paid out some "profit" before suddenly stopping all payments late last year.
Police say he lived large (think a BMW, luxury watches, and piles of gold) while using a wig and fake names to stay hidden.
Now, with a chargesheet filed on September 1 naming 37 witnesses, authorities are urging anyone else affected to come forward as Sheth faces serious fraud charges.