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.

The police have taken into custody a 22-year-old online trader residing in Dibrugarh and one&nbsp;Swapnil Das from Guwahati. More arrests are likely of&nbsp;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&nbsp;in the Assamese film industry&nbsp;and buying various properties.

Dipankar Burman, the owner of DB Stock Broking Company, has gone missing.

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

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.

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. 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. 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

Assam police uncover $26,18,495 scam; CM warns citizens not to fall for fraud

According to revelations made by the cybercrime unit of Hyderabad police in the southern Indian state of Telangana, con artists defrauded thousands of people throughout India for more than a year on the pretence of an investment or part-time work.

India: Nine arrested from across the country over investment fraud

Former United States President Donald Trump was used as bait by two New York residents who were arrested in relation to a $27 million fraud on Monday. According to the authorities, the two accused - Sherry Xue Li and Lianbo “Mike” Wang - promised access to high-profile politicians like Trump besides providing foreign national visas to their customers. The police arrested the duo on charges of money laundering as well as wire fraud while Li was also charged with “conspiring to defraud the US by obstructing the administration of federal campaign finance laws”.

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According to a report by Bloomberg, the two American citizens took millions of dollars from their victims by making them invest in fraudulent business and donations to political campaigns.

“We allege Li and Wang promised investors green cards, access to political figures, and dividends on their money. Tens of millions of dollars came in from investors and straw donors, who expected their money would bear fruit. However, only one promise came to fruition, the access to political power. Foreign money pollutes our immigration and democratic processes, and we must do all we can to protect them,” US Attorney Breon Peace in Brooklyn said according to the report.

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The main leverage used by Li and Wang was a picture they took with Trump during a fundraising event in 2017. They used the picture to claim that they had access to former US President, and they charged $93,000 each for foreign visas and also took $600,000 in unlawful campaign contributions.

Former United States President Donald Trump was used as bait by two New York residents who were arrested in relation to a $27 million fraud on Monday. According to the authorities, the two accused - Sherry Xue Li and Lianbo “Mike” Wang - promised access to high-profile politicians like Trump besides providing foreign national visas to their customers.

Former United States President Donald Trump was used as bait by two New York residents who were arrested in relation to a $27 million fraud on Monday. According to the authorities, the two accused - Sherry Xue Li and Lianbo “Mike” Wang - promised access to high-profile politicians like Trump besides providing foreign national visas to their customers. The police arrested the duo on charges of money laundering as well as wire fraud while Li was also charged with “conspiring to defraud the US by obstructing the administration of federal campaign finance laws”. Also read | Iran's iconic UNESCO WHS Isfahan's Shah Mosque damaged during restoration According to a report by Bloomberg, the two American citizens took millions of dollars from their victims by making them invest in fraudulent business and donations to political campaigns. “We allege Li and Wang promised investors green cards, access to political figures, and dividends on their money. Tens of millions of dollars came in from investors and straw donors, who expected their money would bear fruit. However, only one promise came to fruition, the access to political power. Foreign money pollutes our immigration and democratic processes, and we must do all we can to protect them,” US Attorney Breon Peace in Brooklyn said according to the report. Also read | US successfully tests Raytheon air-breathing hypersonic missile, says Pentagon The main leverage used by Li and Wang was a picture they took with Trump during a fundraising event in 2017. They used the picture to claim that they had access to former US President, and they charged $93,000 each for foreign visas and also took $600,000 in unlawful campaign contributions.

Two people arrested after using Donald Trump as bait for $27 million investment fraud

Bernard Lawrence Madoff aka 'Bernie Madoff', the mastermind behind the worst financial scam in history, &nbsp;died on Wednesday. He was 82.

His death at the Federal Medical Center in Butner, North Carolina, was confirmed by the federal Bureau of Prisons. His death was believed to be from natural causes. Madoff had suffered from terminal kidney disease and several other medical ailments.

The 82-year-old was sentenced to 150 years in prison in 2009 for running the pyramid-style scheme, which was estimated to be worth between $25 billion and $63 billion, depending on whether interest is included in the calculation.

New Yorker Madoff never invested a single cent of the money the scheme's clients trusted him with, instead using money from new investors to pay older ones.&nbsp;

He was serving his sentence in a federal medical prison in North Carolina.&nbsp;

Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.”

His clients included Holocaust survivor and Nobel laureate Elie Wiesel, filmmaker Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick, U.S. Senator&nbsp;Frank R. Lautenberg, and scores of retirees and other private individuals.

His Ponzi scheme made him a poster child for Wall Street greed, shining a harsh light on both his accomplices and on regulators who seemed on the cusp of exposing him but failed.

(With inputs from agencies)

Bernard Lawrence Madoff aka 'Bernie Madoff', the mastermind behind the worst financial scam in history, died on Wednesday. He was 82. His death at the Federal Medical Center in Butner, North Carolina, was confirmed by the federal Bureau of Prisons.

Bernard Lawrence Madoff aka 'Bernie Madoff', the mastermind behind the worst financial scam in history, died on Wednesday. He was 82. His death at the Federal Medical Center in Butner, North Carolina, was confirmed by the federal Bureau of Prisons. His death was believed to be from natural causes. Madoff had suffered from terminal kidney disease and several other medical ailments. The 82-year-old was sentenced to 150 years in prison in 2009 for running the pyramid-style scheme, which was estimated to be worth between $25 billion and $63 billion, depending on whether interest is included in the calculation. New Yorker Madoff never invested a single cent of the money the scheme's clients trusted him with, instead using money from new investors to pay older ones. He was serving his sentence in a federal medical prison in North Carolina. Madoff for decades presented himself as a successful and trusted Wall Street kingpin while secretly engaging in investment fraud, prompting his sentencing judge to condemn his crimes as “extraordinarily evil.” His clients included Holocaust survivor and Nobel laureate Elie Wiesel, filmmaker Steven Spielberg, actors Kevin Bacon and Kyra Sedgwick, U.S. Senator Frank R. Lautenberg, and scores of retirees and other private individuals. His Ponzi scheme made him a poster child for Wall Street greed, shining a harsh light on both his accomplices and on regulators who seemed on the cusp of exposing him but failed. (With inputs from agencies)

Bernie Madoff, mastermind of largest Ponzi scheme in history, dies at 82

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