Assam Chief Minister Himanta Biswa Sarma on Tuesday cautioned the public against fraudulent online stock market schemes that promise quick financial returns. Sarma warned that offers to double one’s money with little effort are typically scams.
“These kinds of promises are clear signs of fraud,” Chief Minister Sarma stated. He noted that no legitimate stock broking operations engage in such deceptive practices. Sarma also criticized certain online trading apps for operating illegally, advising people to steer clear of them. “These apps attract users with tempting returns but ultimately scam them. Legitimate stock market investments should follow proper procedures, such as opening a Demat account,” he added.
This warning follows recent police action against online investment fraud. On Monday night, Assam police arrested two key figures in these scams. Vishal Phukan, a 22-year-old trader, was detained in Dibrugarh, and Swapnanil Das was arrested from his Beltola apartment in Guwahati. Both men are accused of defrauding investors of large amounts of money through fake trading schemes.
During a search at Phukan’s residence in Dibrugarh, police seized various items and documents related to the scam. Phukan and his associate now face charges of defrauding individuals under the pretense of online trading. Authorities are also searching for Assamese choreographer Sumi Borah, who is believed to be connected to Phukan’s network.
In a separate case, Guwahati police detained Das and seized two luxury vehicles from his apartment. Das is also accused of scamming numerous victims through fraudulent online investment schemes.
