700 crore fraud in Bengal, 50,000 investors duped as scam kingpin flees to Dubai

After the Saradha and Rose Valley scams, another massive financial fraud has come to light in the state. This time, the lure was investments in stocks and cryptocurrencies. A private investment company swindled 700 crore rupees from the public! The company’s head, Shubhrakanti Nag, fled the country with his girlfriend, and the remaining 11 directors of the company also escaped to Dubai. A total of 50,000 investors were defrauded. The state police's Economic Offenses Directorate (EOD) has been investigating this major fraud case since January 28. However, before this, the main accused was living a lavish life in Dubai with his girlfriend. The investigative agency is in touch with Interpol to issue a 'Red Corner' notice by collecting the fugitive's passport numbers. These passport documents have been sent to all airports across the country.

According to EOD sources, Shubhrakanti initially worked in a company where he was responsible for advising on investments in shares and returns. He later started his own company, "Stocks Gurukul, Profit Axis, Exchange, and Tradnext Securities Private Limited," where he served as the MD. Everyone in his family was a director in the company. He then started another company under his friend's name. In total, 25 companies were involved in this fraudulent operation.

Allegedly, the initial offices were set up in Tahirpur and Kalyani in Nadia. Later, the number of offices increased in other districts as well. In 2020, money began to be withdrawn in the name of investments in shares. A group was formed with interested investors. The information about the shares of various companies was allegedly exaggerated. Depositors, trusting this information, started investing. Like Saradha and Rose Valley, the company’s MD and his girlfriend would hold business meetings with agents and depositors every year, where they were lured with promises of business opportunities in Dubai. Gradually, the business expanded from stocks to cryptocurrency.

Recently, the operations of Shubhrakanti's company were exposed. Complaints were filed at the Tahirpur and Kalyani police stations alleging fraud and money being swindled. Later, it was discovered that the organization had collected crores of rupees from various districts in the same manner. Cases were registered against 12 directors. The EOD conducted an investigation, raiding the company's offices and the directors' homes, among other locations. Documents seized during the raid revealed that the company had taken money from 50,000 people. 13,400 cheques were seized. According to police sources, the depositors' money was not invested anywhere. A private bank employee allegedly assisted in the operation. Sources claim that 11 properties of the company have already been identified. A total of 28 crore rupees have been seized. Investigations revealed that the mastermind was also attempting to transfer properties while sitting in Dubai.