Assam Police arrested 22-years old Bishal Phukan for his involvement in a massive Stock market investment scam in Dibrugarh on Monday. Police arrested him from his residence at Prabhanjali Apartment in Dibrugarh town, following which a police raid was conducted.
According to reports, Bishal allegedly accused for collecting Crore rupees from about 200 people by promising fixed returns of 30 percent or more through stock market investment- a practice that the market regulator SEBI (Security and Exchange Board of India) warns against.
Bishal Phukan also provided notarized document to the people from whom he collects money, which included details of guaranteed returns to make his scheme appear legitimate. He deposited the funds into his own bank account and used them for stock market investments.
Bishal Phukan promised to return the fixed within 60 days but he does not return the principal amount of money to the investors, he just repaid a small portion of the promised.
While he did not pay the investors promised money but he used the deposit money for living a lavish life. He buy expensive cars and other items and frequent foreign trips with the money that handed him by the people. He also registered himself with four companies.
It also revealed that several well-known artists from the state’s film industry has fallen in trap of Bishal Phukan’s Stock Market Investment Scam. His so-called sister, Sumi Borah, an artist and influencer, allegedly convinced many of them to invest in the stock market through Phukan by promising high returns. The police have launched a manhunt to find Sumi Borah, who is currently on the run.
