In recent years, Assam has witnessed a disturbing rise in trading-related scams that have financially devastated hundreds of individuals, especially young aspirants lured by the promise of quick profits in the stock market. The epicenter of this phenomenon lies in a rapidly growing ecosystem of unregulated trading classes, social media influencers, and fraudulent investment schemes that prey on the dreams of financial independence.
The Case That Shook Assam
One of the most high-profile cases that came to light was that of Sumi Borah and her husband Tarkik Borah in 2024. The couple was accused of orchestrating a massive scam in which they duped dozens of individuals by promising high returns from stock market investments. Victims alleged that they were encouraged to pool money which was then invested without transparency, resulting in huge losses. The Borahs allegedly lived a lavish lifestyle even as their victims struggled to recover their money.
While the investigation is ongoing, the incident raised serious questions about the unchecked rise of amateur trading experts and the absence of oversight on financial advisory services being offered across the state.
The Options Trading Craze
At the heart of many such scams is options trading, a high-risk, high-reward segment of the stock market. Options trading has become wildly popular among young people in Assam, who are drawn to the idea of making quick money without a conventional job.
Social media plays a significant role in this. Platforms like Instagram, Telegram, and YouTube are flooded with influencers sharing screenshots of their profits and offering paid classes that promise to turn novices into seasoned traders in weeks. These influencers often promote so-called “call groups” where they share entry and exit points of trades, encouraging a cult-like following among inexperienced youth.
“We were told we could earn Rs 2,000 to Rs 5,000 daily,” said one student who attended an options trading class in Guwahati. “But most of us lost our capital within days.”
The Coaching Industry Boom
The demand for trading knowledge has led to the mushrooming of coaching centers in Assam. Institutions like Candle Expert Academy and communities like TFAL (Trading For A Living), founded by Sapnanil Das, claim to simplify the complexities of the market for students across the Northeast. While some offer genuine mentorship, others are accused of overselling dreams.
Many of these classes cost anywhere from Rs 5,000 to Rs 70,000 and last just a few weeks. Advertisements typically focus on testimonials and pictures of luxury, rarely discussing the risk factors. Several trainers run their own Telegram channels or YouTube pages and encourage their students to follow them blindly.
As one victim stated in a complaint, “We were emotionally manipulated to believe this was the only way out of joblessness. They never talked about brokerage fees, taxes, or losses.”
A Banking Scandal With a Trading Twist
In a separate incident elsewhere, an ICICI Bank employee from outside Assam was arrested for siphoning off several crores from customers’ fixed deposits and investing it in the stock market. While this specific case did not originate in Assam, it has become a cautionary tale shared widely in local Telegram trading groups. The story, as reported by all media houses, underscores the extent of the greed and risk associated with unregulated investments, especially when financial professionals themselves fall prey to speculative trading.
The Psychology of the Scam
The appeal of trading is rooted in both aspiration and desperation. In Assam, where unemployment remains a concern, especially among the educated youth, the allure of turning a few thousand rupees into lakhs is irresistible. Many turn to trading not as a calculated investment but as a shortcut to financial success.
Moreover, the culture of easy information access has blurred the lines between education and exploitation. Anyone with a laptop and an internet connection can start a training program or sell predictions, making it hard for newcomers to differentiate between credible advice and manipulation.
Regulatory Vacuum
One of the biggest challenges in curbing these scams is the lack of regulation. While SEBI has laid down strict guidelines for financial advisors and portfolio managers, most trading influencers and classes operate outside these rules. They don’t register themselves or offer any legal recourse in case of fraud.
“There is no accountability. You pay for a course, lose money, and you are told it is because you didn’t follow the strategy properly,” said a 24-year-old engineering graduate who lost Rs 1.2 lakh through such a scheme.
The Way Forward
To protect Assam’s youth from falling into the trading trap, several steps are necessary:
- Financial literacy programs must be integrated into school and college curricula.
- The state government should consider registering and monitoring coaching institutions that offer trading-related content.
- Strict action should be taken against those running fraudulent schemes under the garb of training.
- Banks and financial institutions should regularly educate customers about safe investment practices.
A Culture of Silence
Many victims of trading scams do not come forward due to shame or the fear of being mocked. This silence enables scammers to continue exploiting others. It is crucial to foster a culture where financial loss due to fraud is not seen as a personal failure but a systemic issue that needs redressal.
Final Thoughts
Assam’s youth, like everywhere else, are ambitious, tech-savvy, and eager to take control of their financial futures. But without proper safeguards and education, this ambition is being hijacked by those who exploit dreams for profit.
As the number of trading scams grows, it is imperative for society, institutions, and the media to raise awareness and demand accountability. If left unchecked, the trading trap will not just hurt individual lives but could also erode public trust in legitimate financial systems.
Having said that, the surge in interest in trading among the youth of Assam is not inherently a negative trend. In fact, with the right guidance, disciplined learning, and a strong understanding of financial instruments, many can find success in the world of stock markets. The problem arises when the allure of quick wealth overshadows the need for caution, patience, and risk management.
If approached with sincerity and a long-term perspective, trading can be a fruitful venture. It demands dedication, time, and an openness to continuous learning—qualities that the stock market eventually rewards. And who knows, the next Rakesh Jhunjhunwala might very well emerge from Assam’s trading community. But let us not forget—while we might welcome another Big Bull, we would certainly not want to breed another Harshad Mehta, would we?
