Ponzi Scheme Unraveled: The Downfall of a Guwahati Entrepreneur

The CBI arrested Mintu Das, the proprietor of IIBIT, implicated in a significant online trading Ponzi scam in Assam. He lured investors promising high returns through stock market investments. Initial dividends were paid, but Das absconded without returning principal amounts, leaving many defrauded.

The Central Bureau of Investigation (CBI) has arrested the owner of the Guwahati-based Indian Institute of Banking & Information Technology, Mintu Das, in connection with an online trading Ponzi scheme in Assam. Authorities revealed that Das had lured numerous investors by promising significant returns through investments in the stock market.

Also known as Rohit Chandra Das, the suspect had been on the run until his arrest in Delhi on Tuesday. The CBI began probing the case on October 14, following a referral from the Assam government. Officials stated that after paying minimal initial dividends to investors, Das vanished, failing to return the principal amounts deposited by the investors.

The agency found evidence that Das attracted investors through extensive newspaper advertising but never intended to fulfill his promises. Reports suggest that he even threatened investors who attempted to reclaim their funds through legal channels. Das has been transported to Assam on transit remand and is set to appear before a competent court soon.

(With inputs from agencies.)