Dibrugarh police have detained 22-year-old Bishal Phukan, accused of orchestrating an investment scam in Assam. The police detained him on Monday after it was reported that he went into hiding.

Bishal Phukan is accused of accumulating several crores of rupees from around 200 people in the name of investing in stock markets and promising fixed returns of up to 30 per cent or more — a practice that market regulator SEBI (Securities and Exchange Board of India) warns against.

Phukan used to deliver notarized documents to people from whom he took money, mentioning the details including the promise of fixed returns to add legitimacy to his operations. He would take deposits to his own bank account and use them to invest in the equities market.

As reported previously, the accused promised fixed returns to people in 60 working days. However, he has allegedly not returned the principle amount so far to the investors, only paying back a section of the promised returns.

On the other hand, Phukan has reportedly used the deposits for personal gains, living a lavish life and registering as many as four companies to his name. Frequent foreign trips, expensive cars, and more came from the money people handed him hoping for big returns.

Bishal Phukan has been actively investing in the markets from 2020. He calls himself an industrialist and previously refuted media reports on his practices as malicious. However, the authorities took note of his actions and detained him today in an operation in Dibrugarh.

As per reports, the police raided his residence at Prabanjali Apartment in Dibrugarh town for close to four hours after which he was detained.