Wearing a wig to conceal his identity and living under three separate aliases, a 56-year-old conman who allegedly defrauded investors of more than Rs 30 crore through a stock market scam has been arrested in Gujarat, an official stated on Monday.

The accused, Roshan Bhushan Sheth, used the proceeds of the fraud to fund a luxurious lifestyle, including luxury flats, high-end cars, and expensive watches, while enticing 42 victims across Maharashtra and Gujarat with promises of 5 per cent monthly returns on investments, the official from the Economic Offences Wing (EOW) told news agency PTI.