Who is Bishal Phukan, 22-year-old who duped people in Rs 2200-crore stock market scam

A 22-year-old from Assam, Bishal Phukan, has been accused of orchestrating a massive financial scam involving around Rs 2,200 crore. Hailing from Dibrugarh, Phukan drew attention with his lavish lifestyle and high-profile expenditures. He attracted investors from Assam and Arunachal Pradesh by promising 30% returns on investments within 60 days.

Phukan allegedly founded four companies as part of his fraudulent activities, spanning industries such as pharmaceuticals, production, and construction. He also invested in the Assamese film industry and acquired several properties. His deceptive practices were exposed after a significant stock fraud case was unravelled in Guwahati.

The investigation into Phukan's activities intensified after Dipankar Burman, the owner of DB Stock Broking Company, went missing, heightening suspicions. As the police launched their probe, Phukan took to Facebook to claim he had returned all the money to investors and assured them that their funds were safe.

Despite his attempts to calm the situation, Dibrugarh Police raided Phukan's residence on the night of September 2, leading to his arrest along with his manager, Biplab. Both face charges under a non-bailable case.

“I want to tell the people that there is no such system of investing money in the stock market through these online trading firms. Fraudsters are misleading the people. I urge the people to stay away from fraudsters. Police have now registered cases against the illegal brokers. We will try to bust the entire racket in the state,” Assam Chief Minister Himanta Biswa Sarma said.