On Wednesday, the Assam Police uncovered a scam involving $26,18,495, where brokers made fake stock market investments, promising to double the invested amount.

The police have arrested a 22-year-old online trader from Dibrugarh and Swapnil Das from Guwahati in connection with the scam. More arrests are expected as the investigation continues.

According to the police, Phukan used his lavish lifestyle to persuade people, promising a 30% return on investment within just 60 days. He established four companies, invested in the Assamese film industry, and purchased various properties.

Dipankar Burman, the owner of DB Stock Broking Company, has gone missing.

The Assam police are also searching for Assamese choreographer Sumi Borah, who is allegedly connected to Phukan's network.

Assam Chief Minister Himanta Biswa Sarma has cautioned people against making unscrupulous investments in the internet stock market and even suggested that schemes that promise to quadruple money with little work are usually scams.

“The promise of doubling your money with additional interest is a way of fraudsters. According to the law, no one is authorised to conduct stock broking in such a deceptive manner. They (certain apps) are completely unlawful. Today, the police have acted, and they will intensify it in the future. There is a proper procedure for engaging in stock broking—such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these," Sarma said.

In Dibrugarh, police searched Phukan’s home at Pradhanjalee Residency and found various documents related to the scam.

Image source: India Today