Debabrata Links Assam Ponzi Scam to Gujarat, Criticizes Smriti Irani’s Endorsement

Congress Legislature Party Leader and Leader of the Opposition, Debabrata Saikia, raised serious concerns about the handling of online stock broking scams in Assam during a press conference on Wednesday.

Saikia pointed out the alleged connections between these scams and Gujarat, suggesting that the methods used have spread across the country, following a model seen in Gujarat.

"The recent online trading scam in Assam is one of the highlights which has a Gujarat connection," Saikia stated. "The web of this online trading has spread across the country on the path shown by Gujarat. The process of investigation of this ponzi scam that took place in Assam in the name of share market can also be said to be going on the Gujarat model."

According to Saikia, a Gujarat-based company defrauded people across the country by showcasing fake loans. Despite this, regulatory agencies like the National Stock Exchange of India (NSE) and the Securities and Exchange Board of India (SEBI) have not taken strict action. Saikia criticized these agencies for their lack of enforcement, which allowed the perpetrators to escape abroad with large sums of money.

"When the scam of Dhaval Solani's trading company 'Credit Bulls' came to light, the NSE issued only one advisory," Saikia noted. "It is the responsibility of NSE if you witness any irregularity, SEBI should be informed about it immediately. But if they did not do so, Dhaval Solani and his main associates tactfully transferred their money from the general public to foreign accounts and fled to Morocco via Dubai."

Saikia questioned why agencies like NSE and SEBI have not acted against the Gujarat-based company and highlighted the political connections of the perpetrators. He revealed that Dhaval Solani, the founder of Credit Bulls, was honored by Union Minister Smriti Irani with a National Recognition Award, and Gujarat Chief Minister Bhupendra Patil also awarded Credit Bulls as Gujarat’s most successful financial company.

"These fraudsters have close relationships with top BJP leaders, thus SEBI, ED are afraid to take strict action," Saikia alleged. "It is only natural for such cases to increase in the country when corrupt officials like Madhabi Puri Buch are in charge of important agencies like SEBI."

Saikia also criticized the Assam government for its handling of similar scams within the state. He expressed frustration that Dipankar Barman, founder of DB Stock Broking, has managed to evade capture despite running a scam of similar magnitude to that of Solani.

"It is good news for the people of Assam that a fraudster namely Bishal Phukan fell into the trap of the Assam police, but it is the ultimate failure of the state government-administration to not be able to arrest Dipankar Barman, who has committed a scam worse than the Bishal Phukan," Saikia said.

He further questioned why the Assam government did not scrutinize the proliferation of finance companies since 2021 and why these companies were allowed to operate without proper SEBI registrations. Saikia accused Barman of copying the name of a reputable stock broker, DB (International) Stock Brokers Limited, and defrauding thousands.

"In a business-deprived state like Assam, thousands of crores of rupees have been blown away in online business right under the nose of the chief minister," Saikia remarked. "Why hasn’t the ED filed a case against Dipankar Barman yet?"

Saikia also pointed out the alleged connections between DB Stock Broking and an esteemed private university operating in Guwahati and questioned why these connections were not investigated.

"The bottom line is that the people who are sponsoring this business are aware of the regular funding to the Chief Minister's Relief Fund," Saikia claimed. "Otherwise, how did the illegal training centre of Dipankar Barman’s aide Swapnanil Das function without the knowledge of the chief minister?"

He concluded with a call for transparency and accountability from the state government. "We appeal to the Chief Minister to muster the courage to publish the white paper of this scam worth thousands of crores of rupees."

Also Read: "Ghar Ki Murgi Daal Barabar”: Zubeen Speaks Out on Online Trading Scams