Guwahati: Amid a surge in online trading scams, where many have lost their hard-earned money, Assam Police have made a series of arrests across the state in a multi-crore scam.
The Criminal Investigation Department (CID) of Assam Police has now taken charge, launching a manhunt for several accused who are still at large.
Close to 40 individuals have been arrested in connection with the scam, which is estimated to be worth over Rs 2,200 crore. Among the key accused is Bishal Phukan (22), a resident of Dibrugarh in Upper Assam, arrested on September 2. Phukan is accused of defrauding investors by promising a “30 percent return on investment in just 60 days.” The police revealed that Phukan used forged agreements to lend credibility to his fraudulent claims.
Authorities have seized several bank documents, business records, luxury items, and foreign currency following a search of Phukan’s Dibrugarh residence. Phukan faces charges under Sections 316 (criminal breach of trust) and 318 (cheating and deceit) of the Bharatiya Nyaya Sanhita (BNS).
Other individuals arrested include Swapnanil Das, Ranjit Kakati, Hemen Rabha, and Bhaskar Bhushan Baruah. All are currently in police custody and undergoing interrogation.
In a related development, a CID official identified as Suruj Deka was detained in Sonitpur district for alleged involvement in the scam. Deka is a resident of Baihata Chariali. Meanwhile, another kingpin, Dipankar Barman, the proprietor of a stock broking firm accused of duping people out of Rs 400 crore, remains at large.
Police have issued a lookout notice for other associates of Bishal Phukan, including actor-choreographer Sumi Borah, her husband Tarkik Borah, and two others, who are absconding.
The state government is considering forming a Special Investigation Team (SIT) to dismantle the scam network and arrest cyber criminals operating in the state.
Assam Chief Minister Himanta Biswa Sarma urged people to avoid falling for fraudulent schemes, stating, “No one is authorised to conduct stock broking in this manner. Many of these apps are illegal and do not have RBI approval.”
He added that strict instructions have been given to Assam Police to act tough against such scams. “People should only engage in stock broking by opening a demat account with their own money,” the chief minister said.
Explaining the scam, Guwahati Police Commissioner Diganta Barah said that cybercriminals exploited people’s ignorance through deceptive stock trading apps. Victims were lured by promises of high returns, but no demat accounts were opened. As victims attempted to withdraw their funds and failed, they approached the police.
Barah further warned against fraud calls where scamsters pose as officials, citing cases of criminals contacting parents of students studying out of state, demanding money to release their children from fabricated criminal charges.
He also raised concerns about the involvement of “mule accounts” — bank accounts used for illegal activities. Unsuspecting individuals were lured into opening such accounts, which were then used by scammers to transfer funds from victims. The commissioner added that the involvement of bank officials in facilitating these crimes cannot be ruled out.
Police investigations often begin by following the money trail, including bank account details of the victims. However, in many cases, criminals quickly transfer funds across multiple accounts, complicating recovery efforts.
On the night of September 4, Dibrugarh Police arrested another key accused, Swapnanil Das, from his Guwahati residence. Das, the proprietor of a trading firm, is accused of swindling crores of rupees through fraudulent online schemes. Similarly, Ranjit Kakati and Hemen Rabha, both involved in multi-crore frauds, were arrested for defrauding victims through similar deceptive means.
As the investigation continues, police are maintaining a tight-lipped stance, citing the sensitive nature of the case.
Also Read: Societal noose: What explains high suicide rates among men in Mizoram?