Assam: 3 accused in multi-crore investment scam sent to judicial custody

Dibrugarh: The masterminds behind a multi-million online investment scam, Bishal Phukan, Sumi Borah, and Tarkik Borah, were sent to judicial custody on Thursday following the conclusion of their two-day police remand.

The trio was produced before the court after being arrested in connection with a case registered at Barbaruah Police Station (case no. 85/2024) in Dibrugarh. The police had sought an extension of their custody for eight more days but were denied by the court.

Defense lawyers for Sumi Borah and Tarkik Borah, advocate Sumit Todi and advocate Swagata Kundu Paul, argued against further custody, citing their clients' cooperation with the investigation.

A defense lawyer for Bishal Phukan, advocate Abdul Halim, said Dibrugarh police failed to convince the court to grant additional remand.

The scam, which is estimated to have defrauded over 1,500 people of millions of rupees, was exposed earlier in September with the arrest of Bishal Phukan.

The 22-year-old allegedly lured victims with promises of doubling their investments within 60 days.

Many investors claimed to have taken out loans or sold their valuables to invest in the fraudulent scheme. While Phukan initially made small payments to build trust, he later stopped returning funds as victims invested larger sums.

Sumi Borah and her husband, Tarkik Bora, were arrested on September 12 for their alleged involvement in the scam. Borah, an actor-influencer, is accused of being an accomplice to Phukan's illicit schemes.

The accused have been charged under sections 316(2), 318(4) of the BNS 2023, and sections 21 and 23 of the Banning of Unregulated Deposit Scheme Act, 2019. Authorities estimate the scam to be worth at least Rs 2,200 crore, spanning over three years.