Bishal Phukan’s journey began at age 18 when he ventured into the stock market after graduating in commerce from Salt Brook Academy, Dibrugarh. Armed with a basic understanding of business and finance, Phukan quickly mastered the art of attracting investors with the lure of guaranteed returns. Promising a 30% return in just 60 days, he initially delivered on his promises, leading to a surge in investments.
With his newfound wealth, Phukan expanded into various industries, including pharmaceuticals, video production, and construction. He invested in web series, music videos, and Assamese cinema, while also purchasing land and apartments in Guwahati and Dibrugarh. His opulent lifestyle saw him cruising in luxury cars, traveling frequently to the Middle East, and hosting extravagant parties, including a destination wedding for his sister in Udaipur and a lavish Dubai trip.
The Unraveling
Phukan’s facade began to crumble as a major stock fraud was exposed involving the company DB Stock Broking, which defrauded investors of nearly Rs 7,000 crore. This scam led to widespread outrage and legal action against those involved, including a search for the alleged mastermind, Dipankar Barman, who is reportedly in Australia.
Suspicion eventually fell on Phukan and his company, especially after investigations revealed unlawful financial activities, including transactions conducted through notary services, which are prohibited by the Securities and Exchange Board of India (SEBI). Phukan attempted to deflect criticism by claiming on Facebook that all investor money was returned and that his activities were legal under the Indian Contract Act.
Legal Consequences and Further Investigations
On September 2, the Dibrugarh Police conducted a four-hour interrogation of Phukan at his residence, leading to his arrest along with his manager, Biplab. A security guard from Phukan’s apartment was also taken into custody. Guwahati police are now searching for Phukan’s sister, Sumi Bora, a choreographer whose financial activities have raised questions. During a search of their residences, police recovered high-end phones, Dirhams, and incriminating documents.
In response to the extensive fraud, Assam Chief Minister Himanta Biswa Sarma has instructed state police to launch a comprehensive campaign against stock trading fraud and ensure thorough investigation of all related complaints.