After four hours of interrogation, Dibrugarh police arrested fraudster Bishal Phukan for his alleged involvement in a massive investment scam in Assam.
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 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. Phukan was arrested alongside another individual, Biplab Hazarika, in the early morning hours.
It has also emerged that many well-known artists from the state’s film industry have fallen into Bishal Phukan’s trap. His so-called sister, Sumi Borah, an artist and influencer, allegedly convinced several other artists to invest in the stock market through Phukan, luring them with the promise of higher returns. Police have launched a manhunt to nab Sumi Borah, who is currently absconding. Efforts to reach her by Pratidin Time for a reaction have been unsuccessful, as her phone remains switched off.
Among the victims of Phukan’s online investment scam are owners of mobile theatres and prominent film producers.
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.
According to sources, the accused had promised high returns through online investments but instead pocketed the funds. During the raid, the police also seized two luxury cars owned by Swapnanil. He was arrested under Dispur PS Case No. 934/2024, under sections 420/406 of the Indian Penal Code (IPC), along with sections 21(1)/21(2)/21(3)/22/23 of the Banning of Unregulated Deposit Schemes Act, 2009.
In a surprising turn of events, several people gathered at Dispur police station on Tuesday morning to show support for Swapnanil Das. The supporters, reportedly his students from his online trading academy, claimed that Das was innocent and falsely accused. "Swapnil Das is innocent. He was falsely detained by the police. He didn’t commit any fraud in online trading. We will report these things to the police," one of his students stated.
Further investigation into both cases is underway to uncover the full extent of the fraudulent activities and recover the swindled funds.
