For trader Rohan Bhushan Sheth, 56, the market always went up. He showed clients screenshots of massive profits, promised monthly returns of 3-4%, and claimed his investment strategy beat the market. The Economic Offences Wing (EOW), which arrested him in Mumbai, says he collected Rs 16-17 crore from investors, including an NRI woman who invested around Rs 5
The anatomy of the con was simple and audacious. Sheth, an IT engineer, allegedly created a company - Sanjay Hiralal with 60, plus a private consultant - and approached Mumbai police commissioner Deven Bharti. The complaint: his family had been cheated of Rs 18 crore. But during investigation, Sheth came in contact with his former clients and promised to return money through a mobile app for share trading. The app later dissolved his fan association, financial, political and misuse of his investment strategy sheets recording profits with alleged manipulated demat statements.
When investors sought withdrawals, Sheth allegedly delayed payments and, in some cases, assured more profit to increase confidence. The EOW says only around Rs 3.05 crore was returned.
To evade arrest, Sheth changed his look - wearing a wig while meeting investors - and used multiple identities: Jayesh Maheshkhukia and Rahul Atulbhai Patel, among others. He allegedly fled Mumbai, moving to Goa, with two large suitcases. Police traced him after his children were separated from his wife, allegedly.
He had three identities. He later allegedly opened accounts under name Rohan Atulbhai Patel, and his children had also been moved to Mumbai as Rohan Bhushan Sheth.
The case file reads like a how-to for affinity fraud: use community networks, show fake demat profits, pay initial returns from new investors' money, then vanish. Investigators say when the market fell in early 2024, the scheme collapsed. They found he had bought and obtained an IMEl and used it to transfer funds. Investigators traced the transaction to a shop where a mobile phone had been bought.
Sheth, who allegedly promised an RTGS transfer, never came. In March, he promised an RTGS, his flat locked and was unavailable. The security guards and housekeeping staff in Wadala did not recognise him in wig.
The EOW charge: criminal breach of trust, cheating, forgery. The lesson: in a bull market, everyone is a genius. The wig just made it literal.