Online Trading Scam: False Alluring Promises, 16 Scammers

A group of fraudsters in Guwahati, Assam, India, tricked individuals with fake deposit schemes, promising 15% annual returns. However, these promises were not kept, leading to significant financial losses for investors.

Case Summary and Key Allegations

The Guwahati unit of the Central Bureau of Investigation (CBI) has accused 16 people and two companies: Upepithets Holdings Pvt. Ltd. (UHPL) and Brahmaputra Sanchay and Biniyog Cooperative Society Ltd. for this online trading scam.

The CBI accused the Director, Hemen Rava, and the Manager, Sankar Saha, of Upepithets Holdings Pvt Ltd, of being involved in an unlawful deposit scheme that collected money from investors.

Jiten Deka and Himangshu Talukdar, Chairman of Brahmaputra Sanchay and Biniyog Cooperative Society Ltd., Branch Manager Indrani Das, and Secretary Sanjib Deka were listed in the charge sheet. The group operated the Brahmaputra Sanchay & Biniyog Cooperative Society's unregulated deposit plan.

The CBI Spokesperson said, “They used deceptive means, including notarised stamp papers, to lure investors with the promise of guaranteed monthly returns of six percent and above. They cheated the investors and misappropriated the deposits for their personal gains,”

The CBI accused other individuals, who were engaged in a conspiracy to operate an unregulated deposit scheme with the intent to defraud the general public. It is further alleged that they misappropriated the deposited funds for personal gain, including the purchase of real estate, construction of buildings, and acquisition of vehicles, among other uses. The accused did not invest the funds received from different depositors in any regulated deposit scheme. make this line professional

“They... made an arrangement to collect deposits from the general public by way of business through UPI and Bank Account and did not deposit the amount in any regulated deposit scheme. All the accused are in Judicial Custody,” the CBI said in the statement.

According to the CBI, databases with information on depositors who were tricked into funding these unregulated deposit schemes have been successfully located.