Sun Sep 08 13:30:30 UTC 2024: ## Assam Police Busts ₹2,200 Crore Online Stock Market Scam
**Guwahati, Assam:** In a major crackdown on financial fraud, Assam Police on Wednesday busted a ₹2,200 crore online stock market scam. The scam involved brokers who lured unsuspecting investors with promises of doubling their money. Two people, 22-year-old online trader Vishal Fukon from Dibrugarh and Swapnil Das from Guwahati, have been arrested in connection with the case. However, authorities anticipate more arrests as the scam is believed to be widespread across the state.
Fukon, known for his lavish lifestyle, reportedly promised investors a 30% return on their investment within 60 days. He had created a fake company and invested in the Assamese film industry, accumulating several properties in his name. Police raided his residence in Dibrugarh and seized documents related to the multi-crore scam. Investigations are underway to apprehend Assamese choreographer Sumi Bora, believed to be involved with Fukon’s network.
Chief Minister Himanta Biswa Sarma has urged the public to remain cautious against online and stock market scams. He stated that there is no legitimate online trading platform that allows investments in the stock market and warned citizens against falling prey to such fraudulent schemes. The police have registered cases against the illegal brokers and are committed to unraveling the entire racket operating in the state.
This development follows reports of multiple online trading companies operating in Assam without adhering to SEBI and RBI guidelines. Assam Police has initiated action against illegal online trading operations across the state.
First Piper 