GUWAHATI, Oct 26: Eight individuals, including Bishal Phukan, Sumi Bora, and Tarkik Bora, were remanded to judicial custody by the Special Judicial Magistrate’s court in Kamrup Metro on Saturday after their arrest by the Central Bureau of Investigation (CBI) in connection with an online stock trading fraud scheme.
The accused—Bishal Phukan, Sumi Bora, Tarkik Bora, Amlan Bora, Ranjit Kakoti, Abhijit Chanda, Shubhan Jyoti Kurmi, and Chandan Nath—were transferred from Dibrugarh Jail to Guwahati Central Jail on Friday and appeared before the court on Saturday afternoon. They are scheduled to appear before the Special CBI Judge in Guwahati on October 30.
This fraud scheme involving several investment companies that reportedly siphoned off thousands of crores of rupees has been under investigation by the state’s Criminal Investigation Department (CID). Of the 42 related cases being examined by the CID, six have been escalated to the CBI for further inquiry.
On Saturday, the CBI team submitted six FIRs to the court, labeled RC 221 2024 E 0013, RC 221 2024 E 0014, RC 221 2024 E 0015, RC 221 2024 E 0016, RC 221 2024 E 0017, and RC 221 2024 E 0018. These filings represent a crucial development in an investigation that involves both central and state authorities.
The accused face charges under various sections of the Bharatiya Nyan Sanhita (BNS) and the Banning of Unregulated Deposit Schemes Act, 2019. A CBI team arrived in Dibrugarh on October 12 to investigate two cases (No. 352/24 and 354/24) originally filed by Dibrugarh Sadar Police Station, leading to the arrests of the eight suspects.
Assam has been shaken by three major financial scams, exposing significant vulnerabilities in the state’s financial system. Thousands of investors have fallen victim to fraudulent stock broker groups operating without licenses from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). This is particularly concerning given Assam’s relatively low market share of 1.1% in the stock market, underscoring the alarming prevalence of illegal financial activities in the region. In response, authorities are tightening regulatory measures to protect investors and restore confidence in the financial system.
Among the most notable frauds in Assam is the case involving DB Stock Broking, led by Deepankar Barman, who allegedly defrauded investors of approximately ₹7,000 crore. Barman lured investors with promises of high returns through stock trading before disappearing with substantial sums, triggering numerous complaints and prompting a comprehensive investigation.
In addition to DB Stock Broking, two other broker groups have been implicated in scamming thousands of investors with similarly unrealistic promises, especially through illegal forex trading schemes. The widespread impact of these fraudulent activities has not only resulted in significant financial losses for individual investors but also undermined public trust in the financial sector within the state.
Authorities are ramping up efforts to locate Barman, whose whereabouts remain unknown, while investigations continue into all implicated broker groups.
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