MUMBAI: The Economic Offences Wing (EOW) of the Mumbai Police has arrested a 56-year-old man from Surat for allegedly cheating 42 investors of around ₹30 crore through a Ponzi-style investment scheme that promised monthly returns of 2% to 5% via a mobile application.Man held for ₹30-crore investment fraudThe accused, identified as Rohan Bhushan Seth, was allegedly operating the investment scheme through an app called Investok from his residence in Matunga.According to the EOW, Seth lured investors by promising assured monthly returns of 2% to 5% through stock market investments. To gain their confidence, he allegedly paid returns for the initial few months before stopping payments, following which investors approached the police.Investigators said 42 victims have so far come forward, alleging they were collectively cheated of about ₹30 crore.After the case was registered in April, Seth allegedly fled Mumbai and frequently changed his identity, appearance and whereabouts to evade arrest. He was eventually tracked down and arrested in Surat.The EOW said it recovered ₹1.65 crore from Seth following his arrest. The agency is probing whether more investors were duped and is tracing the remaining funds.DCP Sangramsinh Nishandar urged the public to verify the credentials of investment schemes and avoid offers promising abnormally high or guaranteed returns.