Assam: CBI teams start investigations into online trading scam

Our Bureau

GUWAHATI/DIBRUGARH: A team of CBI officials arrived in Assam today to investigate the over Rs 2000 crore online trading scam perpetrated by DB Stock, involving Bishal Phukan and several others, as well as 41 other online fraud cases. The team was divided into two groups, with one starting investigations from the Gorchuk CBI office in the city while the other team went straight on to Dibrugarh and officially took over the cases lodged at the police station there.

The main accused in the DB Stock scam, Dipankar Barman, is still on the run, and victims were called for questioning today at the CBI office here.

One of the victims here said the money he had invested in the scam was earned legally and promised to cooperate fully with the investigation.

 Meanwhile, the second 5-member CBI team today reached Dibrugarh as part of their investigation into the multi-crore online trading scam involving Bishal Phukan, actor-choreographer Sumi Borah, Tarkik Borah, and Amlan Borah.

 Confirming the CBI team’s arrival, Dibrugarh Superintendent of Police Rakesh Reddy stated, “The necessary files related to the case have been handed over to the CBI team at the Dibrugarh Police Station. We are cooperating fully with them.” 

 Until now, the investigation was carried out by the Dibrugarh police, headed by Additional SP (Crime) Sizal Agarwal. Highly placed sources said that the interrogation process of the accused in the case who are lodged at the Dibrugarh Central Jail will be started by the CBI team from Saturday. 

On September 3, the mastermind of the multi-crore online trading scam, 22-year-old Bishal Phukan, was arrested by the Dibrugarh Police after the scam estimated to be worth at least Rs 2,200 crore came to light. Initially, a suo-motu case was registered by the Dibrugarh Police. Later, four FIRs were filed by several duped investors against Bishal Phukan.

Two of Phukan’s accomplices, actor-choreographer Sumi Borah and her photographer husband Tarkik Borah, were arrested by the Special Task Force (STF) of Assam police on September 12. A day earlier, on September 11, Sumi Borah’s brother-in-law Amlan Borah was arrested from Muzzaffarpur district in Bihar in a joint operation by Assam Police and Bihar Police. The accused have been booked under section 316(2)/318(4) of the BNS 2023, along with section 21/23 of the Banning of Unregulated Deposit Scheme Act, 2019.

As per police, the online trading scam reportedly operated over the course of nearly three years, luring clients with promises of almost doubling their investments within 60 days. Authorities allege that the collected funds were redirected into private, unlisted companies, leading to the defrauding of over 1,500 investors.

 Many victims have recounted the desperate measures they took to invest, including taking out loans and selling personal belongings. Initially, returns were reportedly given to some investors, but the payments ceased as the investments grew, leaving many as financial wrecks. According to the police, Sumi Borah played a pivotal role in attracting investors, leveraging her public image to establish credibility.

 Reports suggest that the lavish lifestyle enjoyed by Bishal Phukan, Sumi Borah, her husband, and their associates—marked by stays in five-star hotels and extravagant spending on luxury items and high-end cars—was financed through the fraudulent enterprise.

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