₹22,000 Crore Online Stock Trading Scam Busted In Assam; 22-Year-Old Trader Among The Ones Arrested

The space of equity trading has seen significant growth over the recent past in India. One of the reasons behind this upsurge has been the boom of the internet on the subcontinent. This, unfortunately, has come at a cost on many occasions. The realm of online fraud and thuggery has also seen a subsequent rise in the recent past.

Rs 22,000 Crore Scam

In a recent development on the same front, this time from the northeast, the Assam police on Wednesday weeded out a cyber financial scam of mammoth proportions. This scam is estimated to be worth Rs 22,000 crore.

According to the police, the scam was executed by brokers who made fraudulent online stock market investments by claiming to double the victim's money.

According to reports, the state police have arrested two people in the case. One of them has been identified as Vishal Phukan, a 22-year-old online dealer from Dibrugarh. Another individual has been identified as Swapnil Das, a Guwahati resident. According to the police, additional arrests are expected in the purported statewide scheme.

Police said Phukan, who enticed people with his lavish lifestyle, guaranteed his investors a 30 per cent return on their cash in 60 days. He had established four nonexistent firms, invested in the Assamese film industry, and purchased various properties.

Need To Watch Out

This case is another instance of a trader active and aspiring to be cautious with their investment in the share market. In lieu of making quick money, many bet their savings and scarce resources on means that are not entirely reliable, sometimes losing their hard-earned money.

The role of influencers or finfluncers, as some of them are called, is crucial in this development. Although it is appropriate to paint every professional influencer with the same brush, some undesirable elements creep into the system, trying to purloin the resources of unsuspecting victims.

Therefore, it is essential to be safe than sorry and create a bulwark of essential security when it comes to investment of any kind.