Rs 22,000 Crore Online Trading Scam Busted In Assam, Chief Minister Issues Warning

Chief Minister Himanta Biswa Sarma urged people to avoid fraudulent online stock market investments, saying that claims of doubling money with minimal effort are usually fraudulent.

The Assam Police on Wednesday unearthed a massive financial scam of Rs 22,000 crore involving brokers who made fraudulent online stock market investments by claiming to double people's money, sources said.

The police have arrested two men, Vishal Phukan, a 22-year-old online trader from Dibrugarh and Swapnil Das from Guwahati, in the case. However, several more arrests are expected in the scam that allegedly spanned the state.

Police said Phukan, who lured people using his opulent lifestyle, promised his investors a 30% return on their investments in 60 days. He had set up four fake companies, invested in the Assamese film industry and acquired several properties.