In a significant breakthrough, the Assam Police on Wednesday uncovered a massive financial scam worth ₹22,000 crore. The scam involved brokers who engaged in fraudulent online stock market investments, deceiving people by promising to double their money.
Two individuals, Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati, have been arrested in connection with the scam. Police sources indicate that more arrests are likely as the investigation unfolds.
Mastermind Behind The Scam
Vishal Phukan, the alleged mastermind behind the scam, attracted investors by flaunting his luxurious lifestyle. He promised a 30% return on investments within 60 days, convincing many to trust him with their money. Phukan had established four fraudulent companies, invested in the Assamese film industry, and acquired multiple properties.
A raid at his Dibrugarh residence led to the seizure of crucial documents linked to the scam. Authorities are also searching for Assamese choreographer Sumi Borah, who is reportedly associated with Phukan's operations.
Chief Minister's Warning Against Fraudulent Investments
In response to the scam, Assam Chief Minister Himanta Biswa Sarma urged the public to be cautious of fraudulent online stock market schemes. He emphasized that claims of doubling money with minimal effort are typically scams.
"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. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state," he stated.
The chief minister assured that the police are actively cracking down on illegal trading activities in the state, with cases now registered against the fraudulent brokers. The crackdown comes amid reports that several online trading firms have been operating in Assam without adhering to SEBI or RBI regulations.
Online Stock Market Scams
Online stock market scams involve fraudsters presenting themselves as reputable brokers or investment companies in order to trick people into making riskier or fraudulent investments. These frauds frequently make excessive promises, assure earnings, or even double the amount deposited in a short amount of time. Strategies include faking testimonials, putting up fake websites, and showcasing lavish lifestyles on social media.
These alluring offerings attract victims, who then lose their money when the scammers disappear. Such scams bypass regulations, making it crucial for investors to verify the authenticity of brokers and avoid schemes that seem too good to be true.
Inputs by Agencies
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