Special Report: Unmasking Online Investment Scams in Upper Assam

Upper Assam is grappling with a surge of fraudsters who have deceived people with false promises of wealth through online stock investments. Recent revelations expose a network of deceitful operations, with YBY and DB Stock Broking at the center of the scandal. One prominent fraudster, Bishal Phukan, has emerged as a key player in this scheme.

Dipankar Barman, who is now known for defrauding investors through DB Stock Broking, remains on the run. He has swindled over Rs 7,000 crore from more than 23,000 customers by promising annual returns of up to 120 percent. Barman, who set up offices in cities like Guwahati, Hyderabad, Bengaluru, Mumbai, and Kashmir, used investor funds to buy luxury properties in Goa and pay builders in Guwahati. Despite his fraudulent activities, Barman managed to cultivate a philanthropic image through partnerships with educational institutions and media appearances.

In parallel with Barman's case, reports have surfaced about another fraudster in Upper Assam, Bishal Phukan. Operating from BVFCL Sector B/111/99 in Namrup, Phukan has reportedly embezzled over Rs 600 crore. He entices investors with notary agreements promising a 30 percent return within 60 days. These agreements, issued under Notary Certificate No. IN-AS394301102487913V on May 11, 2023, is designed to instill trust, but they lack the legal validity required by SEBI regulations.

He allegedly conducts transactions in cash and avoids issuing any legal documentation as proof of receiving money from investors. Instead, he depends entirely on these agreements to establish trust and gather funds.

Phukan’s alleged fraudulent schemes involve soliciting large sums of money through agreements that contain seven key contents: the first outlines the investment terms, the second provides details on the background, purpose, and investor information, the third addresses privacy concerns, the fourth covers liability and indemnification, the fifth deals with force majeure, the sixth specifies precedence, amendments, notices, and assignment, and the seventh includes the signatures. He exploits the lack of transparency and legal safeguards to deceive unsuspecting investors.

The rise of such scammers is also bolstered by their promotion on social media, where they lure victims with false promises. Influencers and social media campaigns amplify their reach, making it crucial for potential investors to exercise caution.

A thorough investigation by the police and concerned authorities is likely to uncover many incriminating activities linked to Bishal Phukan. Additionally, despite claiming to be stock brokers, there is doubt as to whether they even hold a valid license for such operations.

Investors should be wary of schemes that promise unrealistic returns and should verify the legitimacy of investment opportunities. Once the money is hidden by these fraudsters, recovering it through legal means becomes exceedingly difficult. An experienced broker warns that legitimate investments do not guarantee such high returns, and advises vigilance to avoid falling prey to these deceitful schemes. He further indicated that similar fraudulent activities are also occurring in Nagaon and Jorhat, though on a smaller scale.

Also Read: How DB Stock’s Deepankar Barman Promised Sky-High Returns: A SEBI Violation Explained