Assam Police Busts Rs 22,000 Crore Online Trading Scam; CM Sarma Urges People To Stay Away From Fraudsters

Assam Police has busted a massive financial scam amounting to Rs 22,000 crore, where brokers deceived people with promises of doubling their money through fraudulent online stock market investments.

The police have arrested two men, Vishal Phukan, a 22-year-old online trader from Dibrugarh, and Swapnil Das from Guwahati, in the case.

More arrests are expected in the case as the investigation into the state-wide scam progresses.

According to the police, Phukan, who flaunted his lavish lifestyle, lured investors by promising a 30 percent return on their investments within two months.

He had established four bogus companies, invested in the Assamese film industry, and acquired various properties, NDTV reported.

During a raid at Phukan's residence in Dibrugarh, the police seized documents related to the multi-crore scam.

The police are also searching for Assamese choreographer Sumi Borah, believed to be linked to Phukan's network.

Assam's Chief Minister Himanta Biswa Sarma has urged the public to avoid fraudulent online stock market investments, saying that claims of doubling money with minimal effort are usually fraudulent.

“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 said.

The Assam CM added that the police have launched a crackdown on illegal online trading in the state.

Sarma's statement comes after reports claimed that several online trading firms have been operating in the state without adhering to SEBI or RBI regulations.

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