Assam Police uncovers ₹2,200 cr scam; CM warns against fraudulent online investments
Guwahati, Sep 3, 2024
Synopsis
Assam police made two significant arrests in connection with recent online investment scams. Vishal Phukan, a 22-year-old online trader, was apprehended in Dibrugarh, while Swapnanil Das was arrested from his apartment in Beltola, Guwahati.
Assam police unearthed a massive financial scam involving Rs 2,200 crore. Assam Chief Minister Himanta Biswa Sarma, on Tuesday urged people to avoid fraudulent online stock market investments.
Assam police made two significant arrests in connection with recent online investment scams. Vishal Phukan, a 22-year-old online trader, was apprehended in Dibrugarh, while Swapnanil Das was arrested from his apartment in Beltola, Guwahati.
Phukan attracted attention with his opulent lifestyle. He promised investors of 30% returns on investments in just 60 days. He has set up as many as four companies. He also invested in the Assamese film industry and acquired several properties.
Recently Dipankar Burman, the owner of DB Stock Broking Company, went missing.
Sarma urged people to avoid fraudulent online stock market investments. Sarma highlighted that claims of doubling money with minimal effort are typically fraudulent.
“The promise of doubling your money with additional interest is a way of fraudsters. According to the law, no one is authorised to conduct stock broking in such a deceptive manner. They (certain apps) are completely unlawful. Today, the police have acted, and in the future, they will intensify it. There is a proper procedure for engaging in stock broking—such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these,” Chief Minister Sarma advised.
In Dibrugarh, police conducted a search operation at Phukan’s residence in Prabhanjalee Residency, resulting in the seizure of various items and documents linked to the scam. Authorities have also launched a manhunt for Assamese choreographer Sumi Borah, who is reportedly connected to Phukan’s network.
[The Economic Times]
