A 22-year-old man was arrested by the Assam police in connection with an investment scam. It has been alleged that the accused, identified as Bishal Phukan, duped around 200 people by taking huge sums of money under the pretext of stock market investments. The con artist gave the investors guaranteed fixed returns of up to 30 percent or more within 60 days in order to give his story more legitimacy. After the police were informed of this occurrence, they raided Phukan’s home in the town of Dibrugarh. His eventual apprehension and confinement resulted from this operation. Delivering notarized documents to those he stole money from and using it to invest in the stock market for his personal gain was Phukan’s method of operation.
Reports state that Phukan did not return the money; instead, he used it to purchase pricey cars and other goods. He also funded his international travels with the deposits. The con artist reportedly registered with four different businesses. Meanwhile, thousands of investors in Guwahati were faced with enormous losses earlier in the month due to a large financial fraud. The proprietor of DB Stock Broking, Deepankar Barman, vanished and the company abruptly shut down, promising enormous profits on investors. Allegations state that the company, which served over 23,000 clients, had offices in a number of locations, including Nalbari, Rangia, Bangalore, Hyderabad, Mumbai, Jammu & Kashmir, and Guwahati.
Investors were allegedly duped out of thousands of crores of rupees. Investors in DB Stock Broking come from Australia as well as India. The company, which began operations in 2018, attracted a lot of clients by offering large returns on investments; nevertheless, a number of investors have since reported suffering huge losses. The company purportedly attracted a large number of investors with plans that offered huge returns of 120% annually, 54% over six months, 27% over three months, and 8% monthly. Some investors reported having put in as much as Rs 80 lakh, while others only put in Rs 10 lakh.
