Assam police bust major ₹2,200 crore fake online investment scam; 3 arrested
The three accused who have been arrested were running fake online investment scams in which they fraudulently collected crores from investors with promise of high returns
Assam police uncovered a massive ₹2,200 financial scam in the state which prompted Chief Minister Himanta Biswa Sarma to warn people to avoid fraudulent online stock market investments.
Three people have been arrested in connection with these illegal online investment scams. The accused were running a fake online trading scam in which they fraudulently collected crores from investors with promise of high returns.
The police apprehended a Dibrugarh resident Vishal Phukan, 22, who has been charged with orchestrating a massive scandal involving ₹2,200 crores. He reportedly collected huge sums of money from unsuspecting investors promising them 30 per cent returns in 60 days.
Opulent lifestyle
His extravagant lifestyle attracted the attention of some investors as well as authorities, leading to his and his manager’s arrest in Dibrugarh.
Police say Phukan set up four companies across various sectors to con people. Further, he reportedly invested in the Assamese film industry and also acquired several properties from money he had thus collected.
The police raided Phukan’s residence on the night of September 2nd. Media reports said the police are now looking for a choreographer, Sumi Borah, who is said to be associated with Phukan.
Another scam
Meanwhile, the Assam police arrested Phukan's associate Swapanil Das in Guwahati in connection with the Black Stone trading app, another investment scheme which too has left many investors in distress.
Das reportedly used the app to extort money from investors. The police have seized two luxury vehicles from Das, which were bought with the funds obtained through the scam. Investors were promised lucrative returns but these promises were never met.
The case was registered based on complaints by investors duped by the duo.
Assam CM warns public
After these scams came to light, the Assam CM has ordered a comprehensive investigation into all trading fraud cases. He urged people to avoid online stock market investments, pointing out that claims of doubling money were 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,” he said on X.
“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,” Sarma said.The promise of such high returns is the act of fraudsters. Those who invested money in such schemes should immediately stop investing. According to law, no one is authorised to collect money for investments in stocks. There are set rules for investments in stock markets," he said, urging people not to fall prey to fraudsters.