The Mumbai Police’s Economic Offences Wing has filed a chargesheet against 56-year-old Rohan Bhushan Sheth, alleging that he ran a share market investment scheme using fabricated profit statements and promised investors monthly returns of up to 5 per cent.
Investigators have identified 42 investors from Maharashtra and Gujarat who allegedly suffered combined losses of about ₹30.26 crore.
Sheth was arrested in Valsad on July 3 after investigators traced him to Gujarat. According to the EOW, he had lived under two other identities, used a wig while meeting investors and projected a wealthy lifestyle involving luxury apartments, high-end cars and imported watches.
Investors Allegedly Shown Fabricated Profits
The case began after 60-year-old retired Kandivali resident Sanjay Hiralal Shah approached Mumbai Police Commissioner Deven Bharti in April, alleging that he and his family had been cheated of more than ₹10.81 crore.
According to the complaint, Sheth came into contact with Shah’s son, a software engineer, in 2020 after hiring him to develop a mobile application for his share-trading business. The application was later named Investok. During the Covid-19 pandemic, Sheth allegedly offered to teach Shah share trading and initially promised returns of around 1 per cent a month, later increasing the promised returns to 3 to 5 per cent for large investments.
Shah allegedly invested ₹97.50 lakh after borrowing around ₹1 crore from five acquaintances. He received about ₹50.61 lakh as purported profit or returns but claimed around ₹1.02 crore remained payable. His wife allegedly invested ₹1.13 crore and his son ₹7.02 crore.
The EOW alleges Sheth used a similar approach with other investors, inviting them to apartments in Sion and Matunga, explaining his investment strategy and showing Excel sheets recording profits. Investigators allege those figures were manipulated. The agency said only around ₹3.8 crore was returned to investors as interest or purported profits.
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Three Identities, Luxury Properties and a Wig
Investigators allege Sheth used three identities over the years. He was known as Jayesh Hasmukhbhai Shah during his childhood and college years, with police records including an Aadhaar card carrying that name. He later allegedly spent nearly a decade in Delhi as Rahul Atulbhai Parekh, an identity under which he married and had children. After separating from his wife, he allegedly moved to Mumbai and began using the name Rohan Bhushan Sheth.
Police said documents supporting all three identities initially made it difficult to establish that they belonged to the same person. Investigators later recovered documents, bank accounts and a demat account in Sheth’s name.
The EOW also alleged that Sheth wore a high-quality wig while meeting investors, giving him the appearance of having a full head of hair. In private, he generally appeared bald. This difference later complicated efforts to identify him in Gujarat.
Investigators said properties linked to the case included three-bedroom apartments at Beaumonte near Sion Circle and Bellissimo in Matunga, each estimated at around ₹5 crore, along with another property in Gujarat. Four vehicles, including a BMW, Mercedes and Mahindra Thar, and around 14 imported watches, including Rolex, Hublot and IWC, were also seized.
Police Trace Sheth to Valsad
The alleged scheme began unravelling in December 2025 when Sheth stopped making payments to investors. By April, his phones were switched off and his Beaumonte flat was locked. Security staff allegedly told Shah that Sheth had left about a week earlier carrying two large suitcases.
Investigators learnt that he had travelled to Gujarat with cash, gold and valuables, moving between districts, using multiple SIM cards and staying in hotels. Police traced the use of a credit card in Gujarat to a shop where a mobile phone had been purchased and obtained the handset’s IMEI number. Investigators later followed his BMW using GPS data and toll plaza transactions, eventually establishing that he was in Valsad.
Police waited near his residence for three days. After learning he had returned, officers approached the flat dressed as housekeeping staff. Sheth opened the door and was arrested.
Police recovered gold ornaments worth around ₹1.67 crore and ₹17 lakh in cash from Gujarat, besides valuables seized from his Mumbai properties. The EOW has attached three properties, four vehicles, gold and watches.
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