Assam Police uncovered a major Online Trading Scam worth ₹2,200 crore on Wednesday, involving brokers who promised to double investors’ money through fraudulent online stock market schemes, sources revealed.
Two individuals, Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati, have been arrested in connection with the case. However, authorities expect more arrests in the coming days as the scam allegedly affected people across the state.
Phukan reportedly used his lavish lifestyle to attract investors, guaranteeing them a 30% return on their investments within 60 days. He established four fictitious companies, invested in the Assamese film industry, and acquired multiple properties. A police raid at his Dibrugarh home led to the discovery of documents tied to the multi-crore fraud. The police are now searching for Sumi Borah, a well-known Assamese choreographer, who is believed to be connected to Phukan’s network.
Chief Minister Himanta Biswa Sarma cautioned the public against falling for fraudulent online stock market schemes, reminding them that promises of doubling money with little effort are almost always scams. “I want to urge people not to trust these online trading firms claiming to offer stock market investments. They are misleading people. We are actively working to dismantle this racket in the state,” the Chief Minister stated, adding that the police have begun a crackdown on illegal online trading activities in Assam. His statement followed reports of multiple online trading companies operating in Assam without adhering to SEBI and RBI regulations.
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