In a significant crackdown on financial fraud, Dibrugarh police arrested 22-year-old Bishal Phukan for his alleged involvement in a massive investment scam that has defrauded over 200 people in Assam.
The case has also led to a manhunt for Assamese actor, choreographer, and influencer Sumi Borah, who is suspected of playing a role in the scam.
The Arrest of Bishal Phukan
After hours of interrogation, Bishal Phukan was apprehended at his residence in Prabhanjali Apartment, Dibrugarh. The police conducted a raid following his arrest, seizing foreign currency (UAE Dirhams), six iPhones, and other critical bank documents.
Phukan, who operated from Upper Assam, is accused of accumulating wealth exceeding Rs 2,000 crores by promising fixed returns of up to 30 percent or more through investments in the stock market—a practice that the Securities and Exchange Board of India (SEBI) warns against.
Phukan was not alone in his fraudulent activities. Alongside him, another individual named Biplab Hazarika was arrested in the early morning hours. Additionally, police have summoned the security guard of Phukan’s apartment and his driver for further interrogation.
The Scope of the Scam
Bishal Phukan’s fraudulent activities were extensive. At just 22 years old, he amassed a fortune of over Rs 2,000 crores. With the illicit gains, Phukan established a pharmaceutical company named Percelia Pharmaceutical.
He allegedly lured people into investing in the stock market by promising higher returns, often backed by notarized documents to lend credibility to his schemes. Phukan had registered himself with four companies, which he used to channel the swindled funds.
The Role of Sumi Borah
Sumi Borah, a budding Assamese actor, choreographer, and influencer, has come under police scrutiny for her alleged involvement in the scam. According to reports, Borah received a substantial amount of money and valuable gifts from Phukan, potentially linked to the fraudulent activities.
Borah is also said to have convinced several other artists from Assam’s film industry to invest in the stock market through Phukan, luring them with the promise of higher returns.
Borah’s recent destination wedding in Udaipur, which reportedly cost crores of rupees, has further raised suspicions about her involvement. Police efforts to contact her have been unsuccessful as her mobile phone remains switched off, prompting a manhunt to locate and question her.
Other Arrests and Public Reaction
In a related incident, Guwahati police arrested Swapnanil Das at midnight. Das is accused of defrauding multiple individuals under the guise of online trading, similar to Phukan’s modus operandi. The police seized two luxury cars owned by Das during the raid.
He was arrested under Dispur PS Case No. 934/2024, under sections 420/406 of the Indian Penal Code (IPC), along with sections 21(1)/21(2)/21(3)/22/23 of the Banning of Unregulated Deposit Schemes Act, 2009.
Surprisingly, several people gathered at Dispur police station on Tuesday morning to show support for Swapnanil Das. The supporters, reportedly his students from his online trading academy, claimed that Das was innocent and falsely accused. “Swapnil Das is innocent.
He was falsely detained by the police. He didn’t commit any fraud in online trading. We will report these things to the police,” one of his students stated.
Ongoing Investigations
The investigations into the scam are ongoing, with the police working to uncover the full extent of the fraudulent activities and recover the swindled funds. Operations have been launched in various places across Assam, as police suspect the involvement of additional individuals in the scam.
The case has highlighted the risks associated with unregulated investment schemes and the importance of vigilance in financial dealings. The arrest of Bishal Phukan and the ongoing manhunt for Sumi Borah underscore the scale of the scam and the efforts by law enforcement to bring those responsible to justice.
