At a time when Assam Chief Minister Himanta Biswa Sarma has vowed stringent action against individuals involved in online trading scams that violate SEBI and Reserve Bank of India (RBI) guidelines, a new case has emerged involving a trader from the state.
Jyoti Das from Nagaon, Assam, a victim of an online trading scam, has filed a complaint against Swagata Hazarika, alleging that she defrauded her and numerous others across several states through a bogus stock market investment scheme. In a comprehensive email to Pratidin Time, Das detailed her experience and called on the media to help bring the accused to justice.
Allegations of Scam
According to Jyoti Das, the accused, Swagata Hazarika, a resident of Golaghat, Assam and currently based in Bengaluru, Karnataka had approached her with promises of substantial returns from stock market investments. Hazarika allegedly presented herself as a freelance trader and educator through an app called “IM Academy,” claiming she could deliver monthly returns of Rs 1,25,000 regardless of market performance. After months of persuasion, Das and her son invested Rs 8.35 lakhs, only to realize later that they had been duped, as no returns were received and all contact with Hazarika was cut off.
Accused’s Lavish Lifestyle and Prior Offenses
Das further claimed that Hazarika flaunted a luxurious lifestyle on social media, including purchasing a high-end car and expensive gadgets, which raised suspicions about the legitimacy of her trading activities. Upon further self investigation by Das and her son, it was revealed that Hazarika and her brother, Debasish Hazarika, had a history of similar fraudulent schemes, including a case in Bengaluru where they allegedly defrauded a doctor namely Dr. Shreyas of Rs 1.67 crore. Both were out on bail for that offence.
In addition, IM Academy's Ethics Department confirmed that Hazarika had not been associated with the organization since 2020, although she continued to present herself as an affiliate of the Academy on social media to lure more victims into her scheme.
Ongoing Legal Proceedings
Das revealed that although no formal FIR has been filed due to concerns over Hazarika’s ability to secure bail easily, a case is being pursued through the Nagaon court, with charges filed under Indian Penal Code (IPC) sections 406, 341, 506, and 34 (Case No. CR/744/2024). Das also highlighted that the accused’s father, an advocate, and her mother, a school teacher, may have played a role in shielding her from the law.
Jyoti Das has called on Pratidin Time to highlight this issue urgently, stressing that public awareness is vital to prevent additional victims from being deceived. She seemed to be worried that if swift action is not taken, Hazarika might evade justice or continue her fraudulent activities elsewhere. "I am ready to provide all relevant documentation, including communication records and financial transaction proofs, to substantiate my claims," said Das in the mail.
In response to these allegations, Pratidin Time attempted to contact Swagata Hazarika by phone but found the number to be unreachable.
Meanwhile, as Assam Police intensifies its crackdown on online trading scams, this case serves as a warning for others who may be involved in similar fraudulent activities.
On the other hand, the Chief Minister announced on Thursday that those guilty of fraudulently duping people in such scams would be arrested, with Assam CID already investigating the matter. Sarma also mentioned that if necessary, a Special Investigation Team (SIT) would be formed to delve deeper into these cases.
Additional Details on Swagata Hazarika alias Pahi
Points to be noted: This photo was uploaded to her Instagram profile on June 15, 2022. Location: PRESTIGE FALCON TOWER, Bangalore (India), where she can be found doing an event to attract more investors.
Points to be noted: This photo was uploaded to her Instagram profile on May 3, 2021. Location: Bangalore (India), where she can be found doing an event to attract more investors.
Points to be noted: This photo was uploaded to her Instagram profile on April 17, 2021. Location: Bangalore (India), where she is potraying herself as completing one month as Golive Educator in IM Academy.
Points to be noted: This photo was uploaded to her Instagram profile on April 16, 2021. Location: Bangalore (India), where she is potraying herself as a member of Team LFG
Points to be noted: This photo was uploaded to her Instagram profile on March 18, 2021. Location: Bangalore (India), where she is potraying herself as an official HFX Go Live Educators at IM Academy.
Points to be noted: This photo was uploaded to her Instagram profile on August 18, 2020. Location: Bangalore (India), where she is potraying herself of forming a team under the name LFG Team Rhino-In house trader at IM Academy.
An email from victim Jyoti Das to the IM Academy Management regarding Swagata Hazarika, also known as Pahi.
The image above shows the response from the IM Academy Ethics Department regarding the online investment scam involving victim Jyoti Das.
