Assam Chief Minister, Himanta Biswa Sarma, confirmed on Friday that more than 30 individuals have been arrested in connection with a massive trading scam that has left the state in shock.
The arrests follow an intensive investigation by the Guwahati Police, who are also searching for Assamese actress Sumi Bora, believed to be linked to the scam.
Authorities launched a manhunt for Bora on September 3, following the arrest of her cousin, Vishal Phukan, the primary accused in the fraud.
The 22-year-old allegedly lured investors with the promise of a 30% return on stock market investments within 60 days.
Earlier, the Assam Police uncovered the ₹2,000 crore online trading scam involving fraudulent brokers which spanned nearly three years, promising investors significant returns by investing their money in “shares” through an app operated by 22-year-old Bishal Phukan from Dibrugarh and his Guwahati-based associate, Swapnanil Das.
The scheme assured clients that their investments would double within 60 days.
Initially, some investors reported receiving small returns along with 30-50% interest. However, as clients were enticed by these early profits and invested larger amounts, the traders ceased payments.
Several victims even took out loans of ₹10-15 lakh from banks to invest in the scheme.
Phukan was arrested on Thursday after a prolonged interrogation. He is accused of embezzling crores of rupees through various deceptive schemes.
Meanwhile, police raids at Bora's residence in Beltala and Phukan’s flat in Dibrugarh unearthed crucial evidence.
However, Bora remains on the run, with her phone switched off since Phukan’s arrest.
Reports suggest that Bora fled immediately after Phukan's capture. Phukan is said to have spent lavishly, including financing Bora’s high-profile wedding in Rajasthan and booking luxury hotels in Dubai.
The police investigation has intensified with the seizure of laptops and other electronic devices for further examination.
Authorities revealed that Phukan created four fake companies, invested in the Assamese film industry, and acquired several properties. He also maintained close connections with film personalities in the region.
Chief Minister Sarma has issued a stern warning to the public against falling for such schemes. “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,” he stated.
Sarma further noted, “Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state.”
The crackdown comes amid reports that multiple online trading firms in Assam were operating without adhering to SEBI or RBI regulations.
"The police have launched a crackdown on illegal online trading in the state," Sarma assured the public while addressing the media.
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