Silchar youth arrested in alleged multi-lakh online trading investment fraud

Cachar Police have arrested a youth from the Srikona area near Silchar on charges of illegally collecting money from the public and cheating investors in the name of an online trading company.

The accused has been identified as Joydeep Dutta. Police alleged that he had been collecting large sums of money from people across different parts of the Barak Valley over the past two to three years.

According to investigators, the accused lured people into investing money by promising returns through an online trading company.

Addressing a press conference, Additional Superintendent of Police Rajat Kumar Paul said preliminary investigation has so far traced deposits worth around Rs 35 to 40 lakh.

However, police suspect the total fraud amount may run into several crores.

Officials said at least 24 people have already lodged complaints against the accused.

Police sources said many people trusted the youth and invested money, expecting high profits.

Investigators are now trying to determine where the collected funds were invested and whether any other individuals were involved in the alleged scam.

The Additional Superintendent of Police said money was collected illegally by making false promises to the public.

The accused has already been produced before a court, while further investigation into the case is underway.