These frauds are committed by promising high fixed returns on investments in contravention of market regulator SEBI’s rules
Amid the recent rise of investment scams in Assam, several facts and key figures have come to the forefront. We take a look at some of the recent scam incidents.
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The Dibrugarh police recently arrested Bishal Phukan for his alleged involvement in a massive investment scam in Assam. Phukan, who had been reportedly operating from Upper Assam, has been accused of embezzling crores of rupees from multiple people by promising fixed returns of up to 30 per cent or more - a forbidden practice by the market regulator SEBI (Securities and Exchange Board of India) - through investments in the stock market.
Bishal Phukan was apprehended at his residence in Prabhanjali Apartment, Dibrugarh, after which a police raid was carried out. During the operation, the police seized foreign currency (Dirham), six iPhones, and other critical bank documents. It has also emerged that many well-known artistes from the state’s film industry have fallen into Bishal Phukan’s trap.
This also brings us to his alleged sister, Sumi Borah, an artiste and influencer, who had allegedly convinced several others of her fraternity to invest in the stock market through Phukan, luring them with the promise of higher returns, and hence duping them.
The police are actively seeking Sumi Borah, who is currently evading both police and media, as her phone remains switched off.
Additionally, in a separate incident, Guwahati police also arrested Swapnanil Das. Das has been accused of allegedly 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 arrested Das. According to reports, Das had promised high returns through online investments but instead pocketed the funds.
In the most recent incident, the Tezpur police have apprehended Hemen Rabha, who stands accused of embezzling crores through an online brokering platform known as Gini Capital. Gini Capital reportedly operates one office in Noonmati, Guwahati, and two additional offices in Murhateteli and Ghoramari, Tezpur. Rabha is accused of siphoning off substantial sums from numerous individuals, including employees of Gini Capital.
All these have come in the wake of the recent DB Investment scam by Dipankar Barman who also has been evading the authorities.
But this begets the real question as to whether all these investment scams in the state are interlinked or it is just a coincidence?
Talking to GPlus, the Additional Superintendent of Police, Dibrugarh stated, “Although Bishal had spent a lavish amount on Sumi Borah’s wedding given their relation, but her direct involvement in the scam is still unconfirmed. The arrest of Bishal Phukan has definitely given rise to the question if Sumi Borah had been using her influence to pull in clientele for Phukan but no such evidence has been gained as she is still out of reach for an official investigation. Such details cannot be confirmed as of yet. Also, if any link exists between Das and Phukan we cannot say, they may have had common investors but any direct link between the two cases cannot be confirmed as of yet.”
“Also, it is questionable that the rise of such frequent investment scams within a short duration of time can be suspicious and whether these are interlinked, but as of yet they are separate incidents and no link can be established between them,” she further added.
With thoughts and opinions pouring in from different personalities and stalwarts in the media, the connection between the cases and the people in them still remains one for discussion. Only further evidence may lead to concrete facts.