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Guwahati [Gauhati]India
India has seen a surge in index and stock options trading over the past few years, driven by retail investors. (representative picture)
Assam police arrested one Swapnanil Das from Guwahati on September 3 for defrauding 2.4 million investors, and that's just the tip of the iceberg.
If “money begets money”, then Assam has certainly hit the headlines these days about money and the means to make money. Assam police arrested one Swapnanil Das from Guwahati on September 3 for defrauding 2.4 million investors, and that's just the tip of the iceberg.
Swapnanil Das, who hails from Sibsagar town in Upper Assam, teaches stocks and trading courses. Das moved to Guwahati and started a trading company called Black Stone with a huge office in the capital.
Swapnail, who is active on social media, owns a Mercedes GLR, a Land Rover Defender and a BMW, among other assets he has accumulated in a short period of time. Swapnanil used his connections and base to influence investors, directing them to specific stock trading companies and coaching them on investments and trading volumes. Swapnanil's investment company TFAL has been sealed by the Guwahati police, who have asked him to be remanded in custody for 14 days so that the investigating agencies can link his involvement in the multi-core online fraud scam that has so far amounted to Rs 20,000 crore.
On the same day, Ranjit Kakoty was arrested in Dibrugarh in connection with an online transaction fraud worth around Rs 1,200 crore. According to consistent sources, the investor-trader trades using the Trading FX online application and is said to have a large number of downlinks across the state, which brings him hundreds of thousands in daily commissions. Things came to light when Ranjit Kakoty hid from investors.
The tricks of the scam
Meanwhile, Assam police are searching for Sumi Bora and her photographer husband Tarkik Bora. Sumi Bora is associated with 22-year-old Bihsal Phukan, who defrauded investors of Rs 2,200 crore, 30% in six months, in order to make easy money. Sumi Bora had a multi-crore destination wedding at Udaipur Place and honeymoon at Bhurj Khalifa. ) was born to the younger brother of his other mother Bishal Phukan and is reportedly hiding in Assam celebrity singer Dikshu Sharma's house in Guwahati In residence. However, Sumi Bora and her controversial husband were driven from the singer's residence to another destination late at night by another famous diva in the state. It is believed that Sumi Bora has invested in several super hit Assamese movies with the help of several actors. The fraudulent funds were also allegedly used to invest in industries, tea estates and construction companies in the state, and the police are currently investigating.
Chief Minister Himanta Biswa Sarma last night warned the public against falling for fraudulent online stock market scams, reminding them that promises to double their money effortlessly are almost always scams. The chief minister added that police have started cracking down on illegal online transactions in Assam. His statement follows reports that several online trading companies operating in Assam are not complying with Securities and Exchange Board of India (SEBI) and Reserve Bank of India (RBI) regulations.
