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Wig, 3 Aliases, Rs 30 Crore Scam: Mumbai Conman Arrested…

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activeCyber Crime / Digital ArrestMaharashtra

Wig, 3 Aliases, Rs 30 Crore Scam: Mumbai Conman Arrested In Gujarat

A 56-year-old man was arrested in Gujarat by the Economic Offences Wing (EOW) for allegedly orchestrating a stock market investment scam exceeding Rs 30 crore. Investigators stated that the accused wore a wig and used three different aliases to evade law enforcement over time. He reportedly funded a lavish lifestyle comprising luxury flats, high-end cars, and expensive watches using the defrauded funds.

State

Maharashtra

First reported

September 2026

Agency involved

Economic Offences Wing (EOW) and Mumbai Police

Arrests

One 56-year-old male accused

Status

Chargesheet filed; accused arrested

The full story

Everything you need to know about this case, in one place.

According to the probe agency, the accused lured 42 victims across Maharashtra and Gujarat by promising a five percent monthly return on investments. He allegedly befriended a software engineer in 2020 under the pretext of developing a trading app and subsequently convinced the engineer's family to invest heavily. The fraud came to light after a family member approached the Mumbai Police Commissioner in April following a massive financial loss.

Investigators stated that the conman circulated fabricated profit statements and manipulated Excel sheets during meetings at his apartments to make investors believe their money was traded in the stock market. To maintain the illusion, he initially paid small profit instalments before stopping payments and vanishing. Following technical surveillance, an EOW team tracked him to a residential building in Valsad and arrested him after a three-day stakeout.

Authorities seized multiple luxury vehicles, expensive watches, gold ornaments worth Rs 1.67 crore, and cash, alongside attaching three residential properties. A chargesheet was filed naming 37 witnesses, and the EOW has urged other affected individuals to come forward with their investment details.

Not yet reported: The exact court proceedings and final judicial verdict are not mentioned in the articles.

Where the case stands

The latest position in the reports we read.

The accused has been arrested, and a chargesheet was filed on September 3. Authorities have urged remaining victims to come forward.

Who was affected

Described in general terms; we do not name victims.

42 victims across Maharashtra and Gujarat, including a family that lost Rs 10.81 crore and an NRI woman.

Timeline

Key dates as reported, oldest first.

2020The accused befriended a software engineer under the pretext of developing a trading app.

December 2025The accused halted all small profit payments to investors.

AprilA victim approached the Mumbai Police Commissioner, and the accused vanished.

JulyThe EOW arrested the accused from a residential building in Valsad, Gujarat.

September 3A chargesheet was filed naming 37 witnesses.

How the scam worked

The method described in the reports.

The accused befriended a software engineer under the guise of developing a trading application named 'Investok'.
He persuaded victims to invest funds by promising high returns of 5 percent per month.
He conducted meetings at his apartments and displayed manipulated Excel sheets and fabricated profit statements to convince investors their money was being traded in the stock market.
He sustained the deception by paying small 'profit' instalments to investors before halting all payments and disappearing.

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Sources and further reading

Optional. The full story is above; these are the original reports it was prepared from.

ndtv.comOriginal report NDTVOpens via Google News

Prepared by Report Scams, with the help of AI, from the published reports listed above. Check those reports for the latest. Cases here describe allegations. An FIR, arrest or charge is not a finding of guilt. To report a mistake, or to ask for a correction or removal, write to our Grievance Officer. See also the Safe Posting policy.