Lookout Notice Issued Against Md. Sakir and Ifjal in ₹400 Crore Online Trading Scam

Everyone wants to earn easy money without hard work. Stock market and trading has become the new gambling and people making easy money by duping people. But the Moghuls of trading and investing knows the real deal. Edelweiss Mutual Fund CEO Radhika Gupta warned investors there’s no “fast route to riches” after a ₹2,200-crore trading scam was busted in Assam. “Stick to dal-chawal investing. It works. Without indigestion,” she said. Those who learn trading buy expensive cars and luxury items to lure others into this and gradually open unlicensed trading schools to assure fake promises to young minds.

One such massive online trading scam has come to light in Karimganj, with the district police issuing a lookout notice against Md. Sakir and his accomplice Ifjal, are accused of duping people of ₹400 crores through fraudulent online trading schemes. The scam has left numerous investors in financial distress, with victims hesitant to lodge complaints.

The scam, spearheaded by Md. Sakir from the Bakhrashal area, involved in promising high returns through online trading. Through this scheme, Sakir and his group purchased luxury cars such as Range Rover and Rubicon, along with other high-end vehicles worth ₹60-70 lakh. Despite the scale of the fraud, no official police complaints had been filed by victims until recently, allowing the group to operate unchecked.

Sensing police scrutiny, Sakir sold off his luxury vehicles in Guwahati and went into hiding. In response, the Karimganj police launched multiple raids, including at the residences of Ifjal Hussain and Ashraful Islam Choudhury. However, both Sakir and Ifjal remain at large.

The case, registered as FIR 543/2024, has prompted an ongoing investigation, with police raiding several locations linked to the accused. Karimganj Police Assistant Superintendent Pratap Das confirmed the registration of the case and the issuance of a lookout notice to prevent the accused from fleeing the country.

“We have registered an FIR after receiving public complaints and issued a lookout notice against Md. Sakir and his agents. They are absconding, but we are conducting raids and have launched a financial investigation to trace their assets,” ASP Das stated today.

The investigation also includes a probe into the trading school that Sakir had opened in 2023, suspected of being a front for the fraudulent activities. Many youths from the district are believed to be involved in the scam, though the police have withheld their names to avoid compromising the ongoing investigation.

As the police continue their investigation, they have vowed to take strict action against the fraudsters and anyone else involved in this massive scam.