Silchar Scam Busted: ‘15% Monthly Return’ Trap Lands Man in Police Net

Police have arrested a man accused of cheating dozens of investors by promising unusually high returns through a private financial scheme in Silchar. The accused, identified as 38-year-old Jaydeep Dutta from Srikona Part I under Silchar Police Station, allegedly collected between Rs 15 crore and Rs 20 crore from investors.

 

According to police, at least 29 complaints have been filed so far at Tarapur Police Outpost by investors who claim they were defrauded. Along with Dutta, his wife Anuradha Dev and his mother Madhumita Dutta have also been named in the case.

 

Investigators said Dutta, a BTech graduate in Computer Science, had set up a firm named “Iconic Finance Solution” in Srikona a few years ago. He reportedly told people that he invested money in the stock market and promised monthly returns of 15 per cent. Initially, some investors received regular payouts, which helped build trust and attracted more people to invest.

 

However, after a period of consistent payments, delays began. Around one and a half years ago, Dutta allegedly went absconding along with his family, raising suspicions among investors.

 

Some early investors, including neighbours Biju Dey and Jahangir Alam, said they had invested due to personal acquaintance. Over time, people not only from Cachar district but also from outside reportedly invested in the scheme. When Dutta disappeared, many realised they had likely been cheated.

 

After making inquiries, some investors traced him to Hailakandi. When they approached his residence there, his wife allegedly denied any dues and drove them away. The investors later spotted Dutta at Katakhal Railway Station while he was boarding a train and detained him, demanding their money back.

 

Following a confrontation and alleged threats over phone from his wife, the investors took him to Mohanpur Police Outpost. Acting on advice from police, he was later handed over to Srikona Police Outpost and then transferred to Tarapur Police Outpost.

 

Additional Superintendent of Police (Crime), Rajat Pal, said that based on current complaints, the total claimed amount stands at around Rs 35 lakh to Rs 40 lakh. However, preliminary estimates suggest the overall fraud could be between Rs 15 crore and Rs 20 crore. He added that more individuals may be involved in the scheme.

 

Police also received allegations that attempts were being made to sell Dutta’s locked house through intermediaries, who reportedly threatened locals when questioned. This has raised suspicion about the involvement of middlemen in the alleged fraud.

 

Dutta was produced before a court on Wednesday and has been remanded to three days of police custody for further interrogation.

 

Speaking to the media, ASP Rajat Pal said the accused lured people with promises of easy money and collected funds over several years. He said further investigation will examine the number of accounts created, whether any company was formally established, and the actual flow of funds.

 

He urged the public to remain cautious about schemes offering unusually high returns and to report such cases to the nearest police station. He emphasised the importance of financial awareness to prevent such frauds.