Assam Police busts online trading scam of Rs. 2200 crores, two held

New Delhi, September 5

The Assam Police have arrested two people in connection with a Rs 2,200 crore financial scam involving fraudulent online stock market investment.

The accused have been identified as Vishal Phukan from Dibrugarh, and Swapnil Das from Guwahati, who allegedly enticed investors with guarantees of a 30% return on their investments within 60 days.

The police stated that Phukan, who allegedly used his luxurious lifestyle to lure investors, had established four fake companies, invested in Assamese cinema, and acquired several properties as part of the scheme.

The police are also searching for Assamese choreographer Sumi Borah, who is allegedly connected to Phukan's network.

Assam Chief Minister Himanta Biswa Sarma warned the public against falling prey to such fraudulent schemes.

“There is no legitimate system for investing in the stock market through these online trading firms. Fraudsters are misleading the public. I urge everyone to stay away from these scams,” the chief minister stated, adding that the police have intensified efforts to crack down on illegal online trading in the state