Wearing a wig to hide his identity and living under three different aliases, a 56-year-old conman who allegedly duped investors of more than Rs 30 crore through a stock market scam has been arrested from Gujarat, an official said on Monday.
Wearing a wig to hide his identity and living under three different aliases, a 56-year-old conman who allegedly duped investors of more than Rs 30 crore through a stock market scam has been arrested from Gujarat, an official said on Monday.
He allegedly persuaded the family to invest heavily, and used a similar pitch to lure other investors, showing them manipulated Excel sheets during meetings at his Sion and Matunga apartments. Following technical surveillance, an EOW team tracked Sheth to a residential building in Valsad. Officers laid a three-day stakeout and arrested him after gaining entry into his apartment disguised as housekeeping staff. Police discovered that Sheth had used three identities over time – Jayesh Hasmukhbhai Shah in his youth, Rahul Atulbhai Parekh while he was in Delhi, and Roshan Bhushan Sheth in Mumbai.
The fraud came to light when Kandivali resident Sanjay Hiralal Shah (60) approached Mumbai Police Commissioner Deven Bharti in April, alleging his family was conned of Rs 10.81 crore. Investigations found that Sheth originally befriended Shah’s software engineer son in 2020 under the pretext of developing a trading app named ‘Investok’.
The EOW arrested Sheth from a residential building in Gujarat’s Valsad in July, he said.
