Stars, Scams, and Stock Market Schemes: The Assamese Trading Fiasco

A look out circular has been issued for Assamese actress Sumi Bora, her family, and others in relation to a multi-crore stock market scam in Assam. Police have made several arrests, seized properties, and are closely working with multiple agencies to investigate the alleged fraudulent activities and recover investors' funds.

A look out circular has been issued for Assamese actress Sumi Bora, her photographer husband Tarkik Bora, her brother Rajib Bora and his wife Jinki Mili, along with two others, in connection with a multi-crore stock market trading scam, police revealed on Tuesday.

Dibrugarh SP Rakesh Reddy stated that the circular came as the aforementioned individuals had failed to appear before the police for questioning. The scam has reportedly duped investors of hundreds of crores of rupees.

Twenty-two-year-old Bishal Phukan, owner of the company involved, was arrested last week along with his manager. During the investigation, it was uncovered that Phukan had spent lavishly on Sumi Bora, including funding her high-profile wedding in Rajasthan's Udaipur.

The CID has taken over the probe, and a Special Investigation Team has been set up to handle the allegations. Authorities have seized several properties linked to Phukan, with further attachment processes slated to commence shortly.

Reddy noted that documents are being scrutinized to estimate the scale of the scam. They are coordinating with SEBI, the Income Tax Department, and other agencies for document verification.

'We have recorded statements of multiple witnesses, including investors and family members. Notices have also been issued to about 15 people for statement recording,' Reddy elaborated.

Phukan's social media presence suggests he is an industrialist, music composer, producer, and singer. Bora, a social media influencer, portrayed Phukan as her brother, convincing several prominent individuals to invest through his company.

Phukan was arrested on August 30 following an investigation into his extravagant lifestyle and allegations of investor fraud, prompted by a suo motu complaint by the police.

The initial case emerged at the end of August when DB Stock Trading investors, lured by promises of high returns, complained they couldn't retrieve their money and found the firm's office closed. DB Stock Trading's owner, Deepankar Barman, fled, but police arrested his associate Monalisa Das. Investors had vandalized Barman's parents' flat in Guwahati.

Subsequently, Sapnanil Das, CEO of Trader.Sapnanil—a company alleged to employ similar fraudulent tactics—was apprehended. He also operated a training institute for market trading.

In Dibrugarh, Ranjit Kakoti of Trading FX was arrested in another similar case. Authorities have issued a look out notice for the company's Haryana-based owner.

So far, 59 people have been arrested, and 14 Special Investigation Teams have been set up to scrutinize 28 registered cases under the Banning of Unregulated Deposit Schemes Act, 2019, and the Bhartiya Nyaya Samhita.

Chief Minister Himanta Biswa Sarma emphasized the ongoing police and CID investigations, asserting that the state government is prepared to transfer the case to the CBI if necessary.

Lance Naik Saroj Deka of CID was dismissed, and Golaghat police station's OC Jitumoni Deka was suspended for their suspected involvement in illegal trading.

(With inputs from agencies.)