Is Ponzi Schemes and Online Trading Scams Spilling Over to Nagaland from Assam?
First Published: 24th October, 2024 14:36 IST
The public has been urged to report any financial losses immediately by calling 1930 or visiting the cybercrime.gov.in website.
The menace of Ponzi schemes and online trading scams appears to be spilling over from Assam to Nagaland, as the Nagaland Police recently issued a public advisory alerting citizens to an emerging investment scam involving a company identified as RGA. According to the police, the company has lured several investors from Nagaland with promises of exceptionally high returns on their investments.
“Initial investors are given returns as promised, apparently to appear genuine,” stated the advisory. However, the police revealed that investors were also offered commissions for bringing in new investors, a hallmark of Ponzi schemes. The public has been urged to report any financial losses immediately by calling 1930 or visiting the cybercrime.gov.in website.
A senior Nagaland Police officer confirmed that the issue was initially discovered by the CID branch and has since been discussed to the Director General of Police (DGP) level. In response, the public advisory was issued to safeguard citizens. Following the advisory, the Cyber Crime Police received few complaints related to the scam, though officials have not disclosed the exact number of complaints.
This warning comes after the Nagaland Police arrested and charge-sheeted Biplap Kumar Dey, the Chairman and Managing Director of Everlight Realcon Infrastructure Limited (ERIL), for defrauding unsuspecting investors and swindling crores of rupees. ERIL initially attracted investors with products like electronics and household items through Advance Product Booking (APB). Later, the company’s focus shifted to financial schemes promising large returns through APB and Redeemable Preferential Shares (RPS), engaging in illegal deposit collection.
The company’s scam became evident when its MD admitted that ERIL had been circulating investors’ money without proper backing. Investigations revealed that the company’s claims of running projects in sectors like hospitals, infrastructure, and mining were false, as no assets or projects existed. The company built credibility through charitable activities and high-profile events with state dignitaries as chief guests, but it failed to deliver on its promised returns, leaving investors at a loss.
Meanwhile, in neighboring Assam, the Central Bureau of Investigation (CBI) has officially taken over 41 cases related to an online trading scam following a request by the Assam government. Chief Minister Himanta Biswa Sarma confirmed that the state had formally consented to the CBI’s involvement to ensure a thorough and impartial investigation. This decision follows several arrests in connection with the scam, including those of 22-year-old Bishal Phukan, actor and influencer Sumi Bora, and her husband. Last month, the Assam cabinet also handed over 32 additional cases tied to the trading scam to the CBI. Local police had earlier made multiple arrests in connection to these fraudulent schemes.
Both states are grappling with a growing number of investment scams, and authorities are urging the public to exercise caution and report suspicious activities immediately.
Also Watch:
COMMENTS
TOPMOST STORY NOW
Live 𝗧𝗶𝗽𝗿𝗮 𝗠𝗼𝘁𝗵𝗮 𝗙𝗼𝘂𝗻𝗱𝗲𝗿 𝗣𝗿𝗮𝗱𝘆𝗼𝘁’𝘀 𝗦𝘁𝗲𝗿𝗻 𝗪𝗮𝗿𝗻𝗶𝗻𝗴 𝘁𝗼 𝗣𝗮𝗿𝘁𝘆 𝗠𝗟𝗔𝘀: 𝗡𝗼 𝗧𝗶𝗰𝗸𝗲𝘁𝘀 𝗙𝗼𝗿 𝗧𝗵𝗼𝘀𝗲 𝗪𝗵𝗼 𝗪𝗼𝗿𝗸 𝗙𝗼𝗿 𝗦𝗲𝗹𝗳 𝗚𝗮𝗶𝗻
24th October 2024Live Sikkim: NH 10 To Reopen For All Vehicles Tomorrow
24th October 2024Live Chief Minister PS Tamang Leads Strategic Meeting to Revive Cardamom Cultivation and Mitigate GLOF Risks in Sikkim
24th October 2024Live Elderly Ahmedabad Resident Duped of Rs 1.26 Cr by International Scammers Amidst Rising Online Trading Scams and Menace of Ponzi Schemes in NE
24th October 2024WE RECOMMEND
Nagaland CM Meets Union Law Minister Arjun Ram Meghwa, Appeals for Realese of Funds for Completion of High Court
Union Law Minister Arjun Ram Meghwa assured that a District court will be established in Tseminyu soon.
23rd October 2024Don’t Expect Solution Overnight: NPF General Secretary Achumbemo Kikon on Naga Political Issue
Kikon expressed support for the Political Affairs Committee's resolution, advocating for a ministerial-level interlocutor to facilitate the discussions.
22nd October 2024Arrests of NSCN-K Cadres Imminent as Police Track Down Leads: Nagaland DGP Rupin Sharma
DGP Sharma, informed that the two accused have gone underground after the crime.
21st October 2024Naga Peace Talks May Drag On. No Breakthrough in Recent Talks in Delhi
Sources said the NSCN-IM stuck to their demand for a separate flag and constitution for the Nagas.
20th October 2024India’s Biggest Battle of Bands ‘Ticket to Hornbill’ Kicks Off with 30 Finalists
The final results will be announced tomorrow, revealing the seven bands that will advance to the grand finale on October 21.
18th October 2024