In a recent shocking revelation, Assam Police uncovered an online trading scam worth Rs 2,200 crore, which has shaken the state’s financial ecosystem. This elaborate scam was orchestrated by two individuals, Sumi Borah and Bishal Phukan, who have been at the center of this fraudulent operation. The scam involved luring innocent investors with promises of doubling their money through stock market investments and online trading platforms.
The Rise of the Scam
The investigation into the Rs 2,200 crore scam began when multiple victims reported losing significant amounts of money. The fraudsters targeted individuals from different socio-economic backgrounds, promising them high returns through online trading platforms. They presented themselves as legitimate stock market traders, but instead, were running a pyramid scheme, taking money from new investors to pay returns to earlier ones.
According to reports, Sumi Borah and Bishal Phukan managed to dupe thousands of people through online trading platforms that were portrayed as reliable and trustworthy. The fraudsters created fake documents and fabricated records to show significant profits, further tricking investors into believing in the scheme’s legitimacy.
How the Scam Worked
The Rs 2,200 crore online trading scam revolved around manipulating people’s trust in stock market trading and investments. The fraudsters set up fake online trading platforms, where they promised investors that their money would be doubled or tripled in a short period. Once the victims deposited their money, they were given fabricated transaction details and records of fake profits.
The scam relied on gaining the confidence of new investors, while the fraudsters continued to siphon off funds. As the scam progressed, it spread to various districts in Assam, affecting thousands of people. Most victims were either unaware of the risks associated with online trading or were lured by the fraudulent promises made by Borah and Phukan
Arrests and Action Taken
On September 4, 2024, Assam Police arrested Sumi Borah and Bishal Phukan, bringing an end to their elaborate scam. The duo had been running this fraudulent operation for years before the police finally caught up with them. More than 68 people have also been arrested in connection with the scam, and the investigation is still ongoing. The authorities are now working to trace the whereabouts of the siphoned money and recover it to help the victims.
The Chief Minister of Assam, Himanta Biswa Sarma, issued a stern warning to the public, urging them to be cautious of fraudulent investment schemes. In his statement, he said, “People should not fall for quick-money schemes or too-good-to-be-true promises. Investment in the stock market or any trading platform should only be done through trusted and certified platforms.”
Impact on the Public
The Rs 2,200 crore scam has left thousands of people financially devastated, with many victims losing their life savings. The majority of victims were not well-versed in stock market trading or online investments, making them easy targets for the scam. The fear of fraudulent schemes has also created a sense of distrust in legitimate online trading platforms, and many are now wary of investing their money.
This case has once again highlighted the importance of educating the public about financial literacy and the risks involved in online trading. Fraudsters like Sumi Borah and Bishal Phukan exploited the lack of awareness among investors to their advantage, making it crucial for authorities to take preventive measures.
