The Bureau of Investigation Economic Offences (BIEO) of Assam Police on Friday said that there is rampant fraud in the name of doubling deposits going on in Guwahati.
Addressing a press conference today, officials informed that a financial institution named Yess Money is behind the scam.
Officials said, “Yess Money has looted several people in the name of doubling their deposits. They are functioning without any license from the Reserve Bank of India or SEBI.”
They said, “The institution has collected about Rs 1 crore in the last year. They opened accounts in the name of students to rake in the money.”
Officials further mentioned that the fraud company has been functional since 2019. However, the executive officer of Yess Money has been finally caught by BIEO.
The tainted official was identified as Banmali Hazarika. He was arrested alongside three other employees of the fraud company.
According to BIEO, Yess Money was running out of an office premise in the Odalbakra locality of Guwahati. Their office was raided on Thursday during which several documents and computers were taken into custody, they added.
In addition, the branch manager of Yess Money, identified as Rajat Das, was also apprehended by the probing body.
Furthermore, the personal assistant of Banmali Hazarika, Rinku Saikia was also taken into custody, officials mentioned.
A case of financial fraud numbered 30/22 has been registered against the company, added officials.