Assam Police have revealed a massive financial scam worth ₹2,000 crore, centered around fraudulent online stock market investments. The scam, which involved brokers promising guaranteed returns, has led to the arrest of over 30 individuals, with more arrests anticipated as the investigation broadens across the state.
The primary suspects, Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati, are alleged to have deceived investors with assurances of a 30% return on investments within 60 days. Phukan, who used his lavish lifestyle to attract investors, is reported to have set up four fake companies, invested in Assamese cinema, and acquired numerous properties as part of the scheme.
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During a recent raid on Phukan’s residence in Dibrugarh, police confiscated documents related to the multi-crore fraud. Authorities are also searching for Sumi Borah, an Assamese choreographer believed to be linked to Phukan’s fraudulent network.
Further investigation has revealed additional connections between Borah and Phukan. Phukan is reported to own high-value assets, including a 2,000 sq. ft. office in Dibrugarh’s Bairagimath, decorated with interiors worth ₹85 lakh, and a luxurious duplex flat in Guwahati’s Tarun Nagar, valued at ₹7 crore.
Assam Chief Minister Himanta Biswa Sarma has urged the public to be cautious of such fraudulent online schemes. “Who is responsible for this scam? We have started working on it. We will expose this scam. More than 30 people have been arrested so far for the trading scam,” Sarma stated.
The Chief Minister further criticized the fraudulent practices, stating, “There is no legitimate system for investing in the stock market through these online trading firms. Fraudsters are misleading the public. I urge everyone to stay away from these scams.” He added that the police have intensified efforts to combat illegal online trading in the state.
This warning comes as reports indicate that several online trading firms operating in Assam are failing to adhere to guidelines set by the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI).
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