Mumbai Police have arrested a 56-year-old man from Mumbai in connection with an alleged Rs 30-crore fraud carried out in the name of stock market investments. The accused, identified as Roshan Bhushan Seth, is alleged to have cheated more than 40 people and later went into hiding after changing his identity.
According to the police, Seth launched an app called “Investock” in 2020 and promoted it as a platform for stock market investment. A Kandivali resident, Sanjay Hiralal Shah, reportedly invested after contacting Seth, and several of Shah’s friends and relatives also put money into the scheme.
Investigators said the accused initially paid small amounts as returns to early investors, but later delayed and failed to repay the money. Police said he lived a lavish lifestyle in Mumbai, including high-end apartments and luxury cars, before disappearing in April after investors began pressuring him for refunds.
Following complaints from Shah and others, including an overseas Indian woman, the Mumbai Economic Offences Wing registered a case and tracked him down in a residential apartment in Valsad, Gujarat. Officials said they seized three luxury cars, 14 premium watches, gold jewellery worth Rs 1.67 crore and Rs 17 lakh in cash, and also froze three of his residential properties.
