Dibrugarh, Sept 3: Bishal Phukan(22), operating from Upper Assam, is accused of accumulating several crores of rupees from many people by promising fixed returns of up to 30 percent or more through investments in the stock market — a practice that the market regulator SEBI (Securities and Exchange Board of India) warns against.

Phukan was apprehended at his residence in Prabhanjali Apartment, Dibrugarh, after which a police raid was carried out. During the operation, the police seized foreign currency (Dirham), iPhones, and other documents.

Phukan has picked up alongside another individual titled Hazarika, in the early morning hours. Police has summoned the security guard of the appartment and the driver of Phukan for interrogation.

As per police sources, operation has been launched in various places of Assam in connection with the case as police suspect involvement others.

Dibrugarh Police has registered a case bearing no. 352/24 under various sections including the Banning of Unregulated Deposit Scheme Act, 2019.

Police are likely to seek Phukan’s remand after producing him before the court.

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