GUWAHATI: Over the past month, Assam has become a hotspot for investment scams, with a series of fraudulent schemes casting a shadow over the region’s otherwise average financial landscape. The situation escalated with the notorious D.B. Stocking scam, where unsuspecting investors were duped of significant sums under the guise of lucrative returns.
On August 21, 29 year-old Deepankar Barman, who claimed to be the director of a company called DB Stock Broking and promised huge returns on investments to his clients, locked up his Guwahati office and fled, leaving scores of investors in the lurch. Since the case came to light, police have arrested 59 people in 28 cases in Assam.
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This was swiftly followed by another high-profile scandal involving celebrity choreographer of Assam Sumi Borah, whose deceptive investment schemes promised substantial profits but left investors empty-handed. Bishal Phukan, operating from Upper Assam, is accused of accumulating several crores of rupees from around 200 people by promising fixed returns of up to 30 percent or more through investments in the stock market — a practice that the market regulator SEBI (Securities and Exchange Board of India) warns against. Phukan was apprehended at his residence in Dibrugarh, after which a police raid was carried out. Phukan was arrested alongside another individual, Biplab Hazarika.
The Assam police on Thursday, September 12, detained actor-choreographer Sumi Borah and her photographer husband Tarkik Bora, after 10 days of evading arrest for their alleged involvement in the online stock trading scam with Bishal Phukan that is estimated to be worth at least Rs 2,200 crore.
Meanwhile, in a separate incident, Guwahati police arrested Swapnanil Das at midnight. Das is accused of defrauding multiple individuals under the guise of online trading. Operating for some time, Das allegedly looted significant sums of money from several investors. Responding to a complaint from a victim of the scam, the police swiftly acted and arrested Das.
Another incident came to light when a resident of Baksa district, Mainao Brahma, was arrested at the Lokpriya Gopinath Bordoloi International Airport on Thursday, September 12. She was accused of accumulating nearly Rs 100 crore through a fraudulent trading scheme.
The pattern of these scams highlights a troubling trend in Assam, and with every passing day a new scam has been surfacing. As per a city advocate, these case target a variety of people. Talking to GPlus, she said,” Many people, including retirees and middle-income individuals, are lured by the lucrative offers, as a result of which, they decide to pour in significant portions of their savings. However, the investors grow skeptical after the payback of the promised returns falter, due to which, the enraged investors complain about it.”
The scams also have seen a lot of popular names getting involved, meaning everyone can be lured with the promise of getting huge returns in lesser time. Talking to GPlus, a senior police officer said, “The list of investors in Phukan’s company includes many influential names in society. Many doctors invested handsome amounts in the expectation of higher returns. These cases lure people as they promise huge amounts in less time.”
Expressing his thoughts, a Guwahati based businessman said, “7000 and 2200 crores of fraud is unimaginable. I just understand that there is no fast route to riches, but nowadays anyone can be lured though fancy show-offs and advertising on social media. But ultimately, it leads to fatal crashes. With so many young people getting involved, I must say it’s a sorry state. I would rather advocate everyone to work hard and stay safe.”
With scams of crores being discovered everyday, it is a matter of concern for Assam if we delve deep into the causes. From unemployment to wishing for a lavish life to wanting to earn some extra money, the list may be endless. But the most important question now is whether these cases will be solved now, and whether the duped people will get their invested money back. With fraudsters like Deepankar Barman on the run after scamming thousands of crores, there is almost no hope that the money will be returned soon.
