Assam Police Uncovers ₹2,200 Crore Online Investment Scam; CM Issues Warning

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Assam Police Uncovers ₹2,200 Crore Online Investment Scam; CM Issues Warning

Finance Saathi

06/Sep/2024

What's covered under the Article:

Assam police have uncovered a ₹2,200 crore scam involving fraudulent online investments and arrested two key suspects.

Vishal Phukan and Swapnanil Das were arrested for luring investors with promises of 30% returns within 60 days.

Assam Chief Minister Himanta Biswa Sarma has issued a warning against such deceptive online trading schemes.

In a significant crackdown on financial fraud, Assam Police has exposed a staggering ₹2,200 crore scam involving fraudulent online investment schemes. The operation has led to the arrest of two key individuals: Vishal Phukan, a 22-year-old trader from Dibrugarh, and Swapnanil Das from Beltola, Guwahati. The scam, which exploited online trading platforms to deceive investors, has prompted a strong response from authorities and a warning from Assam Chief Minister Himanta Biswa Sarma.

Vishal Phukan was known for his opulent lifestyle and deceptive promises of 30% returns on investments within a mere 60 days. He had established several fake companies and invested in the Assamese film industry, using his affluence to lure investors into the scam. During a recent raid on his residence in Dibrugarh, police seized numerous documents and items related to the fraudulent activities. Authorities are also actively searching for Sumi Borah, an Assamese choreographer believed to be connected to Phukan’s network.

The Assam Chief Minister has issued a public warning against engaging with online trading schemes that promise unrealistically high returns. Sarma emphasized that these schemes are often fraudulent and advised the public to avoid them. He stated, “The promise of doubling your money with minimal effort is a hallmark of fraudsters. Legitimate stock broking involves a regulated process, including the opening of a Demat account. These deceptive apps are unlawful and should be ignored.”

The police operation has significantly heightened efforts to combat illegal online trading in Assam. By addressing these fraudulent schemes, authorities aim to protect the public from financial exploitation and uphold the integrity of investment practices.

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Assam Police Uncovers ₹2,200 Crore Online Investment Scam; CM Issues Warning

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