Rs 22,000 Cr Online Trading Scam Unearthed In Assam, CM Warns Citizens

Guwahati: A huge online trading scam worth Rs 22,000 crore was busted by the Assam Police on Wednesday. This cam involved brokers who made fraudulent online stock market investments through promises to double people’s money in a few months.

Two persons involved in this online scam, Vishal Phukan, a 22-year-old online trader from Dibrugarh and Swapnil Das from Guwahati, have been arrested. Investigation continues to nab others involved in this online racket.

According to police sources, Phukan used his lavish lifestyle to lure gullible investors through a promise of 30% return on their investments in 60 days. He had set up four fake companies. He also invested in the Assamese film industry and acquired several properties.

The police are now in search of an Assamese choreographer Sumi Borah linked to Phukan’s racket.

Following this bust, Assam Chief Minister Himanta Biswa Sarma urged people to avoid fraudulent online stock market investments. Claims of doubling money with minimal effort are usually fraudulent, he added.

“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.