Rs 22,000 crore scam EXPOSED! Assam Police busts online stock market fraud; CM Himanta Biswa issues warning

The Assam Police uncovered a Rs 22,000 crore scam involving brokers who allegedly defrauded investors through fake online stock market investments promising unrealistic returns. Police have detained two individuals and are searching for others involved, while the Chief Minister cautions the public against such schemes.

The Assam Police on Wednesday unearthed a massive financial scam of ₹ 22,000 crore involving brokers who made fraudulent online stock market investments by claiming to double people's money, sources said. In connection with the crime, the police have detained two men: Guwahati resident Swapnil Das and Dibrugarh resident Vishal Phukan, a 22-year-old internet trader. But in the alleged state-wide scheme, numerous more arrests are anticipated.

According to the police, Phukan used his lavish lifestyle to entice individuals and assured his investors of a 30% return on their money within 60 days. In addition to investing in Assamese cinema, he had established four fictitious businesses and bought other houses.

The police conducted a raid at his house residence in Dibrugarh and seized documents linked to the mutli-crore scam. Police are now looking for Assamese choreographer Sumi Borah, who is also reportedly connected to Phukan's network.

Chief Minister Himanta Biswa Sarma advised against making dubious internet stock market investments, pointing out that promises of easily doubling money are typically untrue. "I would want to inform the public that there is no method for investing money through these online trading businesses on the stock market. People are being misled by fraudsters. I implore everyone to avoid con artists. Cases against the unlawful brokers have now been filed by the police," he said.

He stated, "We're going to try to smash the entire racket in the state. The police have started cracking down on illicit online trade in the state." Following concerns that many internet trading companies were operating in the state without adhering to SEBI or RBI norms, the chief minister made his comments.