Assam unregulated trading scam: 59 arrested across 14 districts; 14 SITs set up

Guwahati, Sept 8: The tentacles of unregulated trading and investment scams have spread across 14 districts of Assam, prompting a large-scale crackdown by law enforcement.

Assam Police has so far arrested 59 individuals in connection with these fraudulent schemes, registering 28 cases under the Banning of Unregulated Deposit Schemes Act, 2019, and relevant sections of the Bhartiya Nyaya Samhita (BNS).

Announcing this on social media, Assam's Director General of Police (DGP), GP Singh, added that 14 Special Investigation Teams (SITs) have been formed to probe the cases.

"These SITs will report to the Supervision & Monitoring group at Assam CID headquarters under ADGP and IGP CID," Singh confirmed.

In addition, 22 Look Out Circulars (LOCs) have been issued for individuals who failed to respond to police summons, escalating the state’s crackdown on frauds.

The move comes a day after a Crime Investigation Department (CID) official was arrested in connection with the scams.

On Saturday, Assam Chief Minister Himanta Biswa Sarma was quick to announce the formation of a SIT with CID taking charge of high-profile cases and district police focusing on smaller ones.

The Income Tax Department and the Enforcement Directorate have also been enlisted to ensure a thorough investigation.

“If the case proves too complex after two months, we will consider transferring it to the Central Bureau of Investigation (CBI),” Sarma stated, hinting at the gravity of the situation.

Meanwhile, police are actively interrogating the arrested individuals connected to the case. According to reports, several high-profile names have emerged during the questioning, with Bishal Phukan at the centre of many revelations.

Recent updates suggest the involvement of several prominent Dibrugarh-based doctors, whom Phukan named as investors in the fraudulent trading and investment schemes.