The Rise of Multi-Crore Scams: Uncovering the DB Stock Broking Scam and Beyond
In recent times, India has been witnessing an alarming rise in large-scale financial scams. Just days after covering the infamous ₹8000 crore scam linked to Anil Ambani, another stockbroking fraud amounting to ₹7000 crores surfaced. While investigating this, yet another ₹2200 crore scam came to light, both involving individuals who masterminded these Ponzi schemes with deceptive promises of returns. This article dives deep into these frauds, how they were executed, and why so many such scams are emerging from Assam. We will also explore ways to safeguard yourself and your family from falling into these financial traps.
The ₹7000 Crore DB Stock Broking Scam: A Shocking Deception
The first scammer in this case is Dipankar Burman, the mastermind behind DB Stock Broking, a company that, ironically, had nothing to do with stock trading or broking. Using his influence, Dipankar crafted an elaborate Ponzi scheme that lured investors by promising unbelievable returns. He even bolstered his credibility by associating with prominent figures like Aman Gupta, creating a false aura of success that attracted gullible investors.
However, behind the scenes, Dipankar’s scam was nothing more than a typical Ponzi scheme. He used the money from new investors to pay “returns” to the old investors, creating a vicious cycle. The scam sustained itself only as long as new clients kept coming in. When the flow of new investments dried up, Dipankar fled the country, reportedly escaping to Australia, leaving thousands of people without their hard-earned money.
The ₹2200 Crore Vishal Phukan Ponzi Scheme: An Unbelievable Fraud
The second scammer, Vishal Phukan, took fraud to another level. At just 22 years old, he ran a ₹2200 crore Ponzi scheme, much larger than his age. Vishal operated under the guise of being a philanthropist and business magnate, with companies in pharmaceuticals, video production, and construction. He even maintained close relationships with influential Assamese actors like Sumi Bora, using her fame to pull more investors into his trap.
Through these associations, Vishal was able to collect money from Assam’s entertainment industry and other affluent circles. However, it soon became apparent that his promises of astronomical returns in just two months were far too good to be true. Just like Dipankar, Vishal used the classic Ponzi tactic of paying off older investors with money from new investors. When the scheme collapsed, Vishal was caught by the Assam police.
Why Are Scams Emerging from Assam?
One might wonder why Assam has become the epicenter for such large-scale scams. The key reason appears to be financial illiteracy. Despite having high educational standards, financial literacy rates in the northeastern states of India are abysmally low. According to reports, only 4.2% of the population in India has advanced financial knowledge. The majority of the people do not understand the risks involved in investing, making them easy targets for scammers.
In Assam and other northeastern states, Ponzi schemes have thrived at the local level, with scammers often relying on trusted friends and family members to lure people into fraudulent investments. The lack of financial awareness, combined with the false promises of high returns, makes these scams particularly potent.
Protect Yourself: How to Avoid Falling into the Ponzi Trap
There are two major ways to protect yourself from such scams:
1. Control Your Greed: Always remember that high returns come with high risks. If someone promises you a return of 100% per year without any risk, it’s a clear sign of a scam. Stick to legitimate investment options like fixed deposits, mutual funds, and stocks, and avoid getting lured by promises of unrealistic gains.
2. Spread Financial Awareness: Share information about these scams with your friends, family, and community. The more people know about how Ponzi schemes operate, the less likely they are to fall for them. Financial awareness is a powerful tool that can protect individuals from becoming victims of fraud.
Conclusion
Scams like the ones orchestrated by Dipankar Burman and Vishal Phukan are becoming more common, with financial illiteracy being a significant contributing factor. These scammers prey on people’s greed and lack of financial knowledge, leading to devastating financial losses for thousands. It’s essential to be aware of the risks involved in any investment and to educate others about the dangers of Ponzi schemes. If something seems too good to be true, it probably is.
As these scams continue to unfold, the government must take strict action against the perpetrators, while individuals should remain vigilant and informed. Only through a collective effort of financial literacy and caution can we hope to eradicate the threat of such schemes from society.
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