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.
The accused, Roshan Bhushan Sheth, funded a lavish lifestyle of luxury flats, high-end cars, and expensive watches through the fraud, luring 42 victims across Maharashtra and Gujarat with promises of 5 percent monthly returns on investments, the official from the Economic Offences Wing (EOW) said.
The EOW arrested Sheth from a residential building in Gujarat's Valsad in July, he said.
According to the probe agency, Sheth circulated fabricated profit statements to convince investors that their funds were traded in the stock market.
While the principal investment collected stands at around Rs 5 crore, the total loss reported by victims, including an NRI woman, is approximately Rs 30.26 crore. -- PTI
