Assam investment scam: Major arrests so far

Guwahati, September 5: As the police tighten their grip on online investment and stock trading scams, with the CID now leading the investigation, more names are expected to emerge in the coming days.

To dismantle the “nexus” and hold the perpetrators accountable, Chief Minister Himanta Biswa Sarma indicated on Thursday that the formation of a Special Investigation Team (SIT) is under consideration. This follows a recent surge in fraudulent online investment schemes in Assam.

Earlier, Chief Minister Sarma revealed that 36 individuals have been arrested in connection with a major online trading scam, with a manhunt ongoing for those still at large. Among the arrested are four individuals—Bishal Phukan, Sapnanil Das, Ranjit Kakati, and Hemen Rabha—whose high-profile lifestyles and alleged large-scale fraud have attracted significant attention.

Bishal Phukan

Phukan has been at the centre of the investigation. Hailing from Dibrugarh, Phukan is accused of defrauding investors by promising a 30% return within 60 days. The police revealed that Phukan used forged agreements to lend authenticity to his fraudulent claims.

Phukan was apprehended on September 2 following a thorough search of his Dibrugarh residence, where authorities seized bank documents, business records, luxury items, and foreign currencies.

The investigation has also intensified scrutiny on Assamese choreographer Sumi Borah, who is currently absconding, after her name popped up in Phukan’s network.

The police have launched a manhunt for Borah, her husband Tarkik Bora, her brother Rajib Bora, and her sister-in-law. Sumi Borah and her family are suspected of being involved in Phukan’s fraudulent operations.

Phukan faces charges under sections 316 (Criminal Breach of Trust) and 318 (Cheating and Deceit) of the Bharatiya Nyaya Sanhita (BNS). He is currently under three-day police custody as the investigation continues.

Sapnanil Das

Another key figure in the online trading scam, Das, was arrested on Monday night from his Guwahati residence. As the proprietor of Trading For A Living (TFAL), Das is accused of embezzling crores of rupees through fraudulent online trading schemes.

The investigation has revealed that Das's deception extended beyond Assam, affecting investors internationally. Das, who also claimed to be a trading instructor, was granted two-day custody by a Guwahati lower court to facilitate further investigation.

During Das's arrest, the police seized two luxury vehicles, suspected to have been bought with money acquired from the scam.

Ranjit Kakati

Kakati was arrested by Dibrugarh Police on September 4 for allegedly defrauding numerous individuals through the Trading FX online app. He is accused of enticing victims with promises of high returns but failing to return their investments. The police are currently investigating his involvement in the scam.

Kakati's operations are reportedly extensive, spanning across Assam. Neighbours in Dibrugarh’s Jibon Phukan Nagar, where Kakati resides, expressed shock as hundreds of victims came forward, recounting how they were duped into handing over their hard-earned money.

What makes the case particularly severe is that Kakati targeted not only wealthy investors but also individuals from economically weaker sections, amassing wealth at their expense.

Hemen Rabha

Rabha, from Sonitpur district, was arrested on September 4 for masterminding a ₹300 crore fraud through a fake trading company. His operation, Gini Capital, had offices in Noonmati, Guwahati, and in Murhateteli and Ghoramari, Tezpur.

Rabha is accused of embezzling substantial amounts from numerous individuals, including employees of Gini Capital. From his Tezpur office, he enlisted agents to attract investments with promises of quick returns and used blank cheques to mislead investors.

Following the arrests, victims have sought action at the Tezpur Sadar Police Station. Authorities have indicated that further suspects connected to the scam will be apprehended shortly.

These revelations emerged after Assam Police uncovered two fraudulent investment schemes—YBY and DB Stock Broking—prompting a deeper investigation into the online trading apps and the individuals involved.