GUWAHATI: As a series of investment scams have rocked the state of Assam of late, another such fraud has come to light in Guwahati that has sent shockwaves in the financial sector.
It involves a cooperative society accused of siphoning off crores of rupees from investors. Several people have fallen prey to this scandal that has caused financial distress to its victims.
As per reports, it happens to be one of the largest investment scams to have taken place in Guwahati in recent years.
The name of this cooperative society has not yet been officially disclosed. The modus operandi of the fraudsters involved luring investors with promises of high returns on deposits and investments.
Many people, including retirees and middle-income individuals, were lured by the lucrative offers, as a result of which, they decided to pour in significant portions of their savings.
However, the investors grew skeptical after the society failed to payback the promised returns, due to which, the enraged investors complained about it.
It was later found that the cooperative society had misappropriated the funds extracted from the victims. Initial reports suggest that the sum could amount to the tune of several crores, though the exact figure is yet to be ascertained.
The society’s office has been closed, and its key officials are reportedly untraceable, adding to the panic among the victims.
This has prompted the local authorities to launch an investigation into the matter. A special task force has been formed to hunt down the culprits and recover the defrauded amount.
According to a police spokesperson, the department is closely coordinating with financial experts to uncover the full extent of the fraud and bring those responsible to justice.
This incident has shaken the city to its core, with many people calling for stricter regulations on cooperative societies and financial institutions.
Many victims have resorted to protests, demanding for swift action against the perpetrators and compensation for their losses.
ALSO READ: Assam to Unveil Eastern India’s Largest Convention Centre by 2025
ALSO WATCH: