The Assam Police have uncovered a staggering ₹22,000 crore online trading scam involving fraudulent brokers who promised to double investors' money through online stock market investments. The operation allegedly spanned across the state.
The police have arrested two men, Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati, in connection with the case.
However, more arrests are expected as investigations proceed.
Phukan allegedly lured investors with promises of a 30% return within 60 days, using his lavish lifestyle as means to lure investors into living.
Police revealed that he established four fake companies, invested in the Assamese film industry, and accumulated several properties while maintaining close ties with film personalities in the region.
During a raid at Phukan's residence in Dibrugarh, police seized documents tied to the scam.
Authorities are also in search of Assamese choreographer Sumi Borah, who is believed to be linked to Phukan's network.
Taking note of the matter, Chief Minister Himanta Biswa Sarma has issued a strong warning to the public against falling for such fraudulent 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," Sarma stated.
He added, “Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state.”
The chief minister's caution follows reports that several online trading firms have been operating in Assam 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 media persons.
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