Bishal Phukan, a 22-year-old boy from Dibrugarh, Assam, was accused of Rs 2200 crore financial scam. He promised returns of as high as 30 per cent on investments within 60 days. The mastermind attracted investors in Assam and Arunachal Pradesh by using four fake companies involved in pharmaceuticals, production, and construction. He invested in Assamese films, too.
The Rs 2200 crore financial scam came to light after a stock fraud case surfaced in Guwahati. One Dipankar Burman, owner of DB Stock Broking, was reported missing with suspicions. Based on these suspicious activities of Dipankar Burman, police started an investigation of the activities of Phukan. Despite repeated statements on Facebook that he had returned the money to the investors, the ground realities were different.
Dibrugarh police raided the residence of Phukan on September 2 and arrested him along with his manager Biplab. The charges framed against them were under a non-bailable case in connection with this financial scam. Some documents linking Phukan to the fraudulent activities were seized by police during the raids. The lavish life he led is reported to have been on the money of the scam, including several properties acquired through his deceptive schemes.
Famous choreographer also included in Rs 2200 crore financial scam
Assamese choreographer Sumi Borah, too is wanted in connection with the stock market scam. The police actively seem to be searching for Borah regarding the broader investigation that they are carrying out about the scam.
CM Assam has ordered the investigation into the Rs 2200 crore financial scam as this northeastern state needs to be free from fraudulent investment schemes. Also, the CM Sarma warned people against the broker that does not follow the legal guidelines. He further urged vigilance against deceptive online stock market firms.
Thereby, police are clamping down on illicit trading activities and have registered several cases against fraudulent brokers. The investigation of this biggest financial scam is not over yet, and further arrests are expected in the time to come, as the probe unfolds the deeper ramifications of the fraud.