Guwahati, Assam

The Assam Police uncovered a scam of $26,18,495 on Wednesday, which includes brokers who made fake stock market investments, promising to double the invested amount.

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The police have taken into custody a 22-year-old online trader residing in Dibrugarh and one Swapnil Das from Guwahati. More arrests are likely of those involved in the scam.

According to the police, Phukan persuaded people using his lavish lifestyle. He committed a 30% return on investment in just 60 days. He set up four companies, besides investing in the Assamese film industry and buying various properties.

Dipankar Burman, the owner of DB Stock Broking Company, has gone missing.

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Assam Chief Minister Himanta Biswa Sarma has advised people to be careful of fraudulent online stock market investments, even suggesting that schemes promising to double money with minimal effort are typically frauds.

“The promise of doubling your money with additional interest is a way of fraudsters. According to the law, no one is authorised to conduct stock broking in such a deceptive manner. They (certain apps) are completely unlawful. Today, the police have acted, and they will intensify it in the future. There is a proper procedure for engaging in stock broking—such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these," Sarma said.

In Dibrugarh, police searched Phukan’s home in Pradhanjalee Residency, discovering various documents related to the scam. Authorities are also looking for Assamese choreographer Sumi Borah, who is believed to be connected to Phukan’s network