The Assam #police have arrested 38 people from different parts of the State in less than a week for their alleged involvement in an #onlinetrading scam believed to be worth at least ₹2,200 crore.
The scam, which ran for almost three years, entailed investing money collected from clients in “shares” with a promise to double the investment in 60 days.
Some investors claimed they took loans of ₹10-15 lakh from banks to invest in the app floated by 22-year-old Bishal Phukan of Dibrugarh and his Guwahati-based associate Swapnanil Das. The online traders initially returned small amounts along with 30–50% interest but stopped after clients, lured by the profit, began investing larger sums.
Chief Minister Himanta Biswa Sarma advised people not to fall into traps set by fraudsters when authorised agencies are handling stockbroking through demat accounts.
“So far, 38 people have been arrested, and an investigation is on. People should be wary of fraudsters who trade in stocks, since nobody has a magic wand to offer 25-30% interest,” he told journalists on Wednesday (September 4, 2024).
“It is not acceptable for somebody to take away your hard-earned money. You must have seen that these fraudsters have a lavish lifestyle.
Police zeroed in on the online scamsters after some investors complained about not being paid for more than a year past the 60-day offer. Phukan and Das also attracted attention after buying up acres of land and high-end cars, apart from posting photos from foreign locales on social media platforms.
“Phukan, the kingpin, claimed to be an industrialist while Das identified himself as an entrepreneur. They are in our custody,” a senior police officer said.
The police have also launched a search for actor-choreographer Sumi Borah, who is suspected of being involved in the scam. She allegedly received expensive gifts from Bishal.
Her extravagant wedding at a Rajasthan resort is also under investigation.