“Barak Valley’s ₹400 Crore Trading Scam: Hailakandi Loan Fraud Uncovered”

HAILAKANDI 9 Sept

Currently, a major trading scandal is trending in Assam. Following Upper Assam, a significant trading scandal has also surfaced in the Barak Valley. The police have begun investigating whether there is a link between the financial irregularities scandal in Hailakandi and the approximately ₹400 crore stock market trading scandal in Karimganj.

Notably, a large scam in Hailakandi involving defrauding customers in the name of providing loans surfaced on September 2nd. A company called Singhania Fintech collected money from the entire district under the pretense of providing a loan of ₹25,000.

So far, Hailakandi police have arrested 12 suspects involved in this fraud case, and they are all currently lodged in the Hailakandi District Jail. However, the police have yet to trace the whereabouts of around ₹40 lakhs collected from nearly 2,000 customers in the name of providing loans.

The police have begun investigating whether this large sum of money was invested in the stock market or illegal trading businesses.

A senior officer of the Hailakandi police stated that they have so far identified 2,100 individuals as loan applicants in the Singhania Fintech fraud case, each of whom expected to receive a ₹25,000 loan.

The police are also puzzled about where the large sum collected from them has gone. While the company’s name is Singhania Fintech, the money receipt mentioned another company called Pragjyotish Fintech Capital Solutions Limited.

The arrested company coordinator and BJP leader Amjadul Hossain Mazumdar, along with branch head Ankita Dhar, had allegedly instructed customers to send the collected money to a bank account under the name Pragjyotish Fintech

. However, the police found no significant transactions in that bank account, raising further questions about the whereabouts of the large sum collected from Hailakandi customers under the pretense of providing loans.

The police suspect a connection between the Karimganj trading scandal and the Singhania Fintech scam in Hailakandi, prompting further investigation. Meanwhile, the accused in Hailakandi’s Case No. 201/24 will be presented in court again tomorrow.

On this day, a hearing will also be held on the bail application for the 12 arrested employees of Singhania Fintech. The district and sessions judge will also rule on the police’s remand application.

Photo Caption: All 12 arrested in the Hailakandi fraud case.