A 22-year-old from Assam, Bishal Phukan, has been arrested in connection with a massive financial scam estimated at approximately Rs 2,200 crore. Hailing from Dibrugarh, Phukan’s extravagant lifestyle and high-profile spending had initially garnered attention and attracted numerous investors from Assam and Arunachal Pradesh. Phukan allegedly promised returns of 30% on investments within just 60 days, luring many into his scheme.
Phukan’s fraudulent operations reportedly involved the creation of four companies across various sectors, including pharmaceuticals, production, and construction. He also invested in the Assamese film industry and acquired several properties. His deceitful activities were brought to light following the revelation of a major stock fraud case in Guwahati.
The investigation into Phukan’s activities intensified after the disappearance of Dipankar Burman, the owner of DB Stock Broking Company, which heightened suspicions about Phukan’s operations. In an attempt to calm the growing concerns, Phukan took to Facebook, claiming that he had returned all the money to his investors and assuring them that their funds were secure.
Despite Phukan’s attempts to reassure the public, Dibrugarh Police conducted a raid on his residence on the night of September 2. Phukan, along with his manager Biplab, was arrested and charged under a non-bailable case. The police also seized various documents linked to the scam during the raid. Authorities are now searching for Assamese choreographer Sumi Borah, who is believed to be associated with Phukan’s network.
In light of the serious nature of the scam, Assam Chief Minister Himanta Biswa Sarma has ordered a comprehensive investigation into all trading fraud cases. He emphasised the need for justice and accountability, and urged the public to be cautious of fraudulent online stock market investments.
Sarma warned that claims of doubling money with minimal effort are typically fraudulent and advised people to avoid such schemes. “I want to tell the people that there is no such system of investing money in the stock market through these online trading firms. Fraudsters are misleading the people. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state,” Sarma stated.
The arrest of Phukan and the ongoing investigation are expected to shed light on the extent of the financial scam and potentially lead to further actions against those involved in the fraudulent network.
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