Assam Police bust Rs.2,200 crore online trading scam

Assam Police launch crackdown on illegal online trading

In a major crackdown, the Assam Police have uncovered a colossal financial scam estimated at Rs.2,200 crore. The scheme involved brokers who deceived investors by promising to double their money through fraudulent online stock market investments.

On Wednesday, police arrested two individuals linked to the scam: Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati. Authorities expect more arrests as the investigation, which appears to have affected multiple areas across the state, continues to unfold.

Police said Phukan, who lured people using his opulent lifestyle, promised his investors a 30% return on their investments in 60 days. He had set up four fake companies, invested in the Assamese film industry, and acquired several properties.

The scam allegedly operated under the guise of legitimate investment opportunities, exploiting unsuspecting individuals by making false claims of high returns on their investments. The investigation is ongoing, with police working to identify all parties involved and recover the stolen funds.

The police conducted a raid at his house residence in Dibrugarh and seized documents linked to the multi-crore scam. Police are now looking for Assamese choreographer Sumi Borah, who is also reportedly connected to Phukan’s network.

Chief Minister Himanta Biswa Sarma urged people to avoid fraudulent online stock market investments, saying that claims of doubling money with minimal effort are usually fraudulent.

“I want to tell the people that there is no such system of investing money in the stock market through these online trading firms. Fraudsters are misleading the people. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state,” he said, adding that the police have launched a crackdown on illegal online trading in the state.

The chief minister’s statement comes after reports claimed that several online trading firms were doing business in the state without following SEBI or RBI guidelines.

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