22-Year-Old Bishal Phukan Dupes People in Multi-Crore Stock Market Scam, Arrested

Police is now looking for budding Assamese actor and choreographer Sumi Borah

Another big incident of stock market fraud has been reported from Assam. This time a 22-year-old Bishal Phukan has duped over 200 people in a multi-crore investment scam.

After hours of questioning, police arrested Bishal in Dibrugarh today and is now in the lookout for budding Assamese actor, choreographer and influencer Sumi Borah.  

Phukan, operating from Upper Assam, is accused of accumulating several crores of rupees from many people by promising fixed returns of up to 30 percent or more through investments in the stock market — a practice that the market regulator SEBI (Securities and Exchange Board of India) warns against.

At just 22, Phukan has built up wealth of over Rs 2,000 crores. Using the illicit gains, Phukan also established a pharmaceutical company named ‘Percelia Pharmaceutical’.

Phukan was picked up from his residence in Prabhanjali Apartment, Dibrugarh, after which a police raid was carried out.

During the operation, the police seized foreign currency (UAE’s Dirham), iPhones, and other documents. Police has summoned the security guard of the apartment and the driver of Phukan for interrogation.

As per police sources, operation has been launched in various places of Assam in connection with the case as police suspect the involvement of others.

Dibrugarh Police has registered a case bearing under various sections including the Banning of Unregulated Deposit Scheme Act, 2019. Police are likely to seek Phukan’s remand after producing him before the court.

Who is Bishal Phukan?

Bishal in his Facebook post of August 24, identifies himself as an industrialist, music composer, producer and singer. He is a resident of Dibrugarh and lives in Prabhanjali Apartment.

What did Bishal Phukan Promise?

He promised to pay “more than bank interest for a period of 60 working days”. According to complaints filed and as per the police, Bishal promised fixed returns of up to 30 percent or more through investments in the stock market.

On August 24, Bishal posted on his Facebook page: “Enough of false accusations! Stop harassing and putting false allegations against me. I’m here standing very strong with my people and i’ll always be there.”

https://www.facebook.com/phukanbishal/posts/pfbid02Xzucwb2KfwCyMULZUWnNVH9jqBsvvbL3XXz6z88Y84qP1PNvyxjwsKn1137vb6b4l

How Did Bishal Phukan Dupe People?
According to police, Phukan promised assured returns and provided notarized documents to lend credibility to his scheme. He allegedly invested the funds in the equities market for his benefit and registered himself with four companies.

Police have detained Swapnanil Das from Guwahati in connection with the scam and seized two of his vehicles.

A budding Assamese actor, choreographer and influencer Sumi Bora is also under the police scanner. Police believe Bora may have been involved in the scam and benefited from the proceeds of crime.

Reports suggest that Bora received a substantial amount of money and valuable gifts from Phukan, potentially linked to the fraudulent activities.

Bora’s recent destination wedding in Udaipur, which reportedly cost crores of rupees, has further raised suspicions.

Police are attempting to question Bora but have been unable to reach her as her mobile phone is currently switched off.

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