Assam Chief Minister Himanta Biswa Sarma on Tuesday issued a stark warning to the public, urging them to avoid fraudulent online stock market investments.
Assam Police Uncovers Rs 2,200 Crore Scam
The Chief Minister highlighted that claims of doubling money with minimal effort are typically fraudulent.
“The promise of doubling your money with additional interest is a hallmark of fraudsters. According to the law, no one is authorised to conduct stock broking in such a deceptive manner,” he told the media.
Assam police made two significant arrests in connection with recent online investment scams. Vishal Phukan, a 22-year-old online trader, was apprehended in Dibrugarh, while Swapnanil Das was arrested from his apartment in Beltola, Guwahati.
Himanta Biswa Sarma outlined the correct procedures for legitimate stock market investments and cautioned the public against certain apps that operate outside the law.
“They (certain apps) are completely unlawful. Today, the police have taken action, and in the future, they will intensify it. There is a proper procedure for engaging in stock broking — such as opening a Demat account. These apps should be ignored. They lure people with attractive returns initially and then scam them. So, please stay away from these,” he advised.
