CBI takes over investigation of Assam's online stock trading scam

Assam Chief Minister Himanta Biswa Sarma announced that the Central Bureau of Investigation (CBI) has officially taken over the investigation of 41 cases related to an online stock trading scam in the state. Sarma shared this update on X, stating that the request for a CBI probe was made to ensure a fair investigation.

The online trading scam surfaced in late August when investors reported that Deepankar Barman, a 29-year-old businessman, had failed to provide promised returns on their investments. His company has been unresponsive since August 21, and he is currently absconding.

In September, the Assam cabinet decided to transfer 32 cases linked to the scam to the CBI for further investigation. Chief Secretary Ravi Kota also had discussions with CBI Director Praveen Sood, who indicated that the process for case takeover would commence soon.

The scam involved multiple firms, primarily founded by young individuals, which raised substantial amounts of money from investors under the pretense of generating high returns from stock market investments. However, these firms began defaulting on repayments in recent months.

To date, over 65 individuals have been arrested in connection with the scam, and 14 Special Investigation Teams (SITs) have been established to investigate the cases filed under the Banning of Unregulated Deposit Schemes Act, 2019, and the Bharatiya Nyaya Sanhita. Among those arrested is Assamese actor, choreographer, and social media influencer Sumi Borah, along with her husband, photographer Tarkik Borah.