Assam Police have arrested Bishal Phukan, the alleged mastermind behind the Online Trading Scam ₹2200 Crore that has been duping investors across the country. marking one of the largest financial frauds in the state’s history. The scam, which had been operating for several years, had duped thousands of investors across the country with promises of unusually high returns.
The Scam
The scam was operated by a group of individuals who posed as representatives of a reputable online trading company. They lured investors with promises of high returns on their investments, often guaranteeing returns of up to 20% per month. The scammers used sophisticated websites, social media, and online advertisements to promote their scheme, making it appear legitimate and
attractive to potential investors.
Bishal Phukan Role
Bishal Phukan, a resident of Assam, was the alleged mastermind behind the scam. He was responsible for creating the online platform, managing the finances, and convincing investors to deposit their money. Phukan and his associates used the deposited funds to pay returns to earlier investors, creating a Ponzi scheme-like effect. However, the majority of the funds were siphoned off by the scammers, who used them for personal gain or laundered them through shell companies.
How it Worked
Investors were asked to deposit their money into bank accounts or digital wallets, with promises of high returns within a short period. The scammers would then use the deposited funds to pay returns to earlier investors, creating a Ponzi scheme-like effect. However, the majority of the funds were siphoned off by the scammers, who used them for personal gain or laundered them through shell companies.
Police Investigation
The Assam Police investigation into the scam has led to the arrest of several individuals believed to be involved in the operation. The police have seized assets, including properties and bank accounts, linked to the accused. However, the full extent of the scam and the number of victims involved are still being investigated.
Arrests and Recoveries
So far, the police have arrested five individuals in connection with the scam, including the mastermind behind the operation. The arrested individuals have been identified as:
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Mr. ABC, the alleged mastermind
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Mr. DEF, a key operator
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Mr. GHI, a financial advisor
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Mr. JKL, a marketing executive
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Mr. MNO, a technical expert
The police have also recovered ₹500 crore in cash, gold, and other assets from the accused, with more recoveries expected in the coming days.
Chief Minister Statement
Assam Chief Minister Himanta Biswa Sarma has commended the police for their swift action in arresting the key accused. He has also reiterated the government’s commitment to protecting the interests of the citizens and taking strict action against those involved in financial fraud.
Chief Minister Warning
Assam Chief Minister Himanta Biswa Sarma has condemned the scam and urged the public to be cautious of such fraudulent schemes. He emphasized the importance of verifying the authenticity of online trading platforms before investing and warned against believing unrealistic promises of high returns
Police Action
The Assam Police have assured that they will leave no stone unturned in bringing the perpetrators to justice. “We will ensure that all those involved in the scam are arrested and prosecuted,” said SP Mr. XYZ. “We will also work to recover as much of the lost money as possible and return it to the investors.”
Prevention
The police have urged investors to be cautious when dealing with online trading companies, emphasizing the need to verify the authenticity of such companies before investing. “If an offer seems too good to be true, it probably is,” warned SP Mr. XYZ.
Conclusion
The Assam Police’s crackdown on the massive ₹2200 crore online trading scam is a significant achievement, and a testament to their commitment to protecting citizens from financial fraud. As the investigation continues, it is hoped that more recoveries will be made, and those responsible will face justice. The incident serves as a reminder to investors to be vigilant and cautious when dealing with online trading companies, and to always verify their authenticity before investing.
[Disclaimer: This article is for informational purposes only and should not be construed as investment advice in any ways. financestock.in advises its readers and viewers to consult their financial advisors before taking any money-related decisions. subscribed for a the latest updates llike a Anant Ambani : 20-kg Gold Crown Donated to Lalbaugcha Raja for Ganesh Chaturthi
