Assam Police Bursts 2,200 Cr Financial Scam, CM Himanta Urges Public to be Cautious

Guwahati: The Assam police have busted a major financial scam worth Rs 2,200 crore involving online stock market investments, on Tuesday. 

In connection with these scams, the Assam police have made two notable arrests in the state. 

Vishal Phukan, a 22-year-old online stock market trader, was detained in Dibrugarh, and meanwhile Swapnanil Das was arrested at his residence in Beltola, Guwahati.  

Sources within the police have reported that Phukan promised investors a 30 percent return on their investments within just two months and subsequently collected crores of rupees from individuals across the state.

The police have seized several computers and documents as part of their investigation into the case. The case was initiated based on complaints from investors who were deceived by Phukan and his associates, who had promised that the money would be invested in stocks to generate high returns. 

With regarding to the scam,  Assam Chief Minister Himanta Biswa Sarma urged the public to be cautious of fraudulent online stock market investments.

In response to the reports about the large sums of money collected from investors, Chief Minister Himanta Biswa Sarma issued a warning on Tuesday against investing in such firms.

"Promises of such high returns are characteristic of fraudsters. Those who have invested in these schemes should immediately cease further investments. According to the law, no one is authorized to collect money for investing in stocks outside of regulated channels. There are specific rules governing stock market investments. People should adhere to these regulations and avoid falling victim to such fraudulent schemes," Sarma advised reporters.