Massive ₹22,000 Crore Online Trading Scam Uncovered in Assam

A big online trading scam has been exposed in Assam. Assam Police said on Wednesday that brokers have defrauded people of Rs 22 thousand crore in this scam by luring them to double their money. Police have arrested 22-year-old online trader Bishal Phukan of Dibrugarh and Swapnil Das of Guwahati in this case. Apart from this, more arrests are expected.

Police said that Bishal Phukan is fond of the luxury lifestyle. Due to this he easily attracted thousands of people and assured them of 30% return in 60 days. For the online share trading scam, he created four fake companies, invested in the Assam film industry and bought many properties. Police raided his house in Dibrugarh and recovered documents related to the scam. Now the police is also looking for Assamese choreographer Sumi Bora, who is said to be associated with Phukan's network.

Chief Minister Himanta Biswa Sarma has advised people to avoid fraudulent online stock market investments. He said that claims of doubling money in a short time are usually fraudulent. He said, "I want to inform people that there is no legitimate way to invest in the stock market through these online trading firms. Fraudsters are misleading people.

I urge people to stay away from fraudsters. Police have registered cases against illegal brokers. We will try to expose the entire racket in the state." The Chief Minister's statement comes at a time when some media reports said that many online trading firms are promoting business in Assam without following the guidelines of SEBI and Reserve Bank (RBI).