Dibrugarh, September 3, 2024:In a major crackdown, Bishal Phukan, a self-proclaimed industrialist from Dibrugarh, Assam, has been detained by the police in connection with a massive financial fraud case involving the alleged swindling of several crores of rupees from around 200 investors. Phukan, who has been operating under the guise of an investment expert in the stock market, promised fixed returns of up to 30%—a practice that the Securities and Exchange Board of India (SEBI) has repeatedly warned against.
Phukan, who has been actively investing in the stock markets since 2020, convinced individuals to invest their money by promising them substantial returns within 60 working days. To add legitimacy to his operations, he provided notarized documents to the investors, detailing the fixed returns and other terms of the investment. The investors, lured by the prospect of high returns, deposited their money directly into Phukan’s personal bank account, believing it would be used for stock market investments.
However, according to sources, Phukan allegedly failed to return the principal amounts to most investors, paying only a fraction of the promised returns to a select few. It has been reported that the funds were instead used for personal enrichment, allowing Phukan to lead a lavish lifestyle. Reports suggest that he registered as many as four companies under his name, and indulged in frequent foreign trips and expensive purchases, including luxury cars, funded by the investors’ money.
The authorities became suspicious of Phukan’s activities after several complaints were lodged against him by aggrieved investors. Acting on these complaints, the police conducted a raid at Phukan’s residence in Prabanjali Apartment, Dibrugarh. The raid, which lasted nearly four hours, led to his detention earlier today.
Phukan, who has publicly dismissed previous media reports on his activities as malicious and unfounded, now faces serious charges of financial misconduct. His detention marks a significant step in the ongoing investigation, which is expected to uncover more details about the extent of the fraud.
The case has brought to light the importance of exercising caution while investing in schemes that promise unrealistically high returns, particularly in a regulatory environment that strictly prohibits such practices. Investors are reminded to verify the credentials of individuals and companies before making financial commitments, as the fallout from such fraudulent schemes can be devastating.
Further details on the case are expected to emerge as the investigation progresses.
