Assam CM sounds alarm on online stock investment scams amidst recent arrests

Guwahati, Sept 3: Assam Chief Minister Himanta Biswa Sarma, on Tuesday, issued a stark warning to the public, urging them to avoid fraudulent online stock market investments.

Chief Minister Sarma highlighted that claims of doubling money with minimal effort are typically fraudulent.

“The promise of doubling your money with additional interest is a hallmark of fraudsters. According to the law, no one is authorised to conduct stock broking in such a deceptive manner,” he told the press.

The Chief Minister also outlined the correct procedures for legitimate stock market investments and cautioned the public against certain apps that operate outside the law.

“They (certain apps) are completely unlawful. Today, the police have taken action, and in the future, they will intensify it. There is a proper procedure for engaging in stock broking—such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these,” Chief Minister Sarma advised.

Earlier on Monday night, Assam police made two significant arrests in connection with recent online investment scams.

Vishal Phukan, a 22-year-old online trader, was apprehended in Dibrugarh, while Swapnanil Das was arrested from his apartment in Beltola, Guwahati.

Both have been accused of swindling crores of rupees from people who invested in their fraudulent investment schemes.

In Dibrugarh, police conducted a search operation at Phukan’s residence in Prabhanjalee Residency, resulting in the seizure of various items and documents linked to the scam.

Both Phukan and an associate now face charges of defrauding individuals under the pretence of online trading.

Authorities have also launched a manhunt for Assamese choreographer Sumi Borah, who is reportedly connected to Phukan’s network.

In a separate operation, Guwahati Police arrested Das, who is accused of defrauding numerous victims through fraudulent online trading schemes.

Das was detained at his Beltola apartment, where police also seized two luxury vehicles.