Rs 22000 Crore Online Trading Scam: Assam Police Arrest Fraudsters
As online financial scams become recurrent in the evolving digital world, the Assam police on Wednesday arrested two men for a massive scam of Rs 22,000 crore after busting a fraudulent online stock market investment scam committed by the accused.
The police booked two, 22-year-old Vishal Phukan from Dibrugarh and Swapnil Das from Guwahati. According to the police, Phukan orchestrated the scam, luring people with his extravagant promises and opulent lifestyle. He drew investors from Assam and Arunachal Pradesh, allegedly promising his investors a 30% return on their investments in 60 days. Phukan reportedly established four companies through his fraudulent activities, spanning the pharmaceuticals, production, and construction sectors. He also invested in the Assam film industry and acquired several other assets.
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The details of the scam were revealed when the police conducted a raid at his house residence in Dibrugarh and seized documents connected to the massive scam. Police are now looking for Assamese choreographer Sumi Borah, who is also reportedly connected to Phukan’s network.
A 22-year-old from Assam, Bishal Phukan, has been accused of orchestrating a massive financial scam involving nearly Rs 22,000 crore. Hailing from Dibrugarh, Phukan attracted attention with his opulent lifestyle and high-profile expenditures, drawing investors from Assam and Arunachal Pradesh with promises of 30% returns on investments in just 60 days.
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Noting the increased online trading scams, chief minister Himanta Biswa Sarma urged people to avoid fraudulent stock market investments, saying that promises of doubling money with minimal effort are usually fake.
“Fraudsters are misleading the people. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers,” the chief minister said, adding that the authorities will try to bust the entire racket in the state and that the police have launched a crackdown on illegal online trading in the state.
Earlier, reports had surfaced suggesting that several online trading firms were operating in Assam without complying with the RBI or SEBI guidelines.
