Mumbai EOW Busts ₹30.26 Crore Ponzi Scam, Gujarat Man Arrested

The Mumbai Police’s Economic Offences Wing (EOW) has arrested a 52-year-old man from Gujarat in connection with a major Ponzi fraud case involving ₹30.26 crore , officials said on Saturday.

The accused, identified as Roshan Bhushan Seth , a resident of Matunga in central Mumbai, is alleged to have duped 42 investors by luring them into a fraudulent investment scheme that promised 2 to 5 per cent monthly returns on purported stock market investments.

According to police, Seth collected large sums from investors under the guise of high-yield returns but failed to deliver the promised payouts, leading to significant financial losses. A case was registered last month following multiple complaints, after which the EOW launched a detailed investigation into the alleged scam.

Officials said the accused had been absconding for a long period and frequently changed locations and identities to evade arrest. Acting on technical surveillance and intelligence inputs , the EOW tracked him to the Dumas area in Surat, Gujarat , where he was apprehended recently.

Police also recovered cash and assets worth around ₹1.65 crore from the accused during the operation.

The EOW has urged other possible victims of the alleged Ponzi scheme to come forward and assist in the investigation. Authorities have also reiterated their warning to the public against investment schemes that promise unusually high or guaranteed returns , calling them typical indicators of financial fraud.

Further investigation is underway.