A 22-year-old from Assam, Bishal Phukan, has been arrested for his involvement in a massive Rs 2,200-crore stock market scam. Phukan, who hails from Dibrugarh, gained notoriety for his luxurious lifestyle and lavish spending habits, attracting investors from Assam and Arunachal Pradesh with promises of 30% returns on investments within 60 days.
Phukan allegedly set up four companies across sectors like pharmaceuticals, production, and construction to further his fraudulent activities. He also invested in the Assamese film industry and acquired several properties. The scam was uncovered after a significant stock fraud case came to light in Guwahati.
The investigation deepened when Dipankar Burman, the owner of DB Stock Broking Company, went missing, raising suspicions about Phukan’s involvement. In response to the growing scrutiny, Bishal took to Facebook, claiming that he had returned all funds to his investors and that their money was safe.
Despite his assurances, Dibrugarh Police raided Phukan’s residence on September 2, arresting him and his manager, Biplab, under a non-bailable case. Authorities also seized documents related to the scam. The police are now searching for Assamese choreographer Sumi Borah, who is believed to be part of Phukan’s network.
Recognizing the seriousness of the situation, Assam Chief Minister Himanta Biswa Sarma has ordered a thorough investigation into all stock trading frauds to bring the culprits to justice. He urged the public to be wary of fraudulent online trading schemes, emphasizing that promises of doubling money without effort are typically scams.
“There is no such system of investing money in the stock market through these online trading firms,” Sarma said. “Fraudsters are misleading the people. I urge everyone to stay away from these schemes. We will bust the entire racket in the state.”