Mumbai Police Arrest Matunga Man for ₹30-Crore 'Investok' App Ponzi Fraud

The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 56-year-old man in Surat for allegedly running a ₹30-crore Ponzi-style investment fraud scheme from his residence in Matunga, Mumbai. The accused, identified as Rohan Bhushan Seth, allegedly cheated at least 42 investors through a mobile application called 'Investok'.

According to the police, Seth operated the fraudulent investment scheme by promising victims assured monthly returns ranging from 2% to 5% through stock market investments. To gain the confidence of his investors, Seth allegedly paid out the promised returns for the initial few months. Once he had secured their trust and larger sums of money, he stopped making the payments.

When the payments ceased, the affected investors realized they had been duped and approached the police. A formal case was registered against Seth in April. Following the registration of the case, Seth fled Mumbai to evade law enforcement. Investigators stated that the accused frequently changed his identity, physical appearance, and whereabouts to avoid detection.

After a detailed investigation, the EOW successfully tracked Seth down to Surat, where he was arrested. Following his arrest, police investigators managed to recover ₹1.65 crore from his possession.

So far, 42 victims have come forward to report their losses, alleging that they were collectively cheated of approximately ₹30 crore. The EOW is continuing its investigation to trace the remaining funds and to determine if there are additional victims who were defrauded by the scheme.

In light of the incident, DCP Sangramsinh Nishandar urged members of the public to exercise caution when investing. He advised citizens to thoroughly verify the credentials of any investment schemes and to avoid offers that promise abnormally high or guaranteed returns.