Guwahati, Sep 5 (IANS): Assam Chief Minister Himanta Biswa Sarma on Thursday reiterated that the persons who are involved in Rs 2,200 crore online trading scam will be properly punished and nobody will be spared by the police and administration.

"A bunch of fraudsters has duped people’s money by illegal means. This is totally unacceptable. Those who have collected public money without any authorization from the Reserve Bank of India (RBI) will face the wrath of law. The investigation has been going on properly. Police have arrested at least 38 people in connection with their involvement in the multi-crore online trading scam," the Assam CM told reporters here.

The Chief Minister had earlier warned citizens not to fall into the hands of fraudsters who promise to give exceptionally higher returns by investing money in online trading.

"I want to appeal to citizens that they should not fall into the hands of fraudsters. Nobody on this earth can give anybody 25 or 30 per cent through trading," he said.

Sarma also mentioned that the fraudsters who duped the public of their money were living a grand lifestyle.

He stated: "I hope that the people have seen in TV that the fraudsters lived a king-size life with public money. I urge every citizen of the state... your hard-earned money should not be wasted on those fraudsters."

To recall, the Assam Police uncovered a large financial scam involving brokers who made false online stock market investments by promising to double people's money, totaling Rs 2,200 crore.

In connection with the crime, the police arrested two prime accused -- Guwahati resident Swapnil Das, and Vishal Phukan, who hails from Dibrugarh.

In connection with the state-wide scam, several more arrests have occurred, and some more people are expected to be arrested soon.

According to the police, Phukan used his lavish lifestyle to entice people and assured his investors of a 30 per cent return on their money within 60 days.

In addition to investing in Assamese cinema, he had established four fictitious businesses and bought other houses.

The police conducted a raid at his residence in Dibrugarh and seized documents linked to the multi-crore scam.

Meanwhile, the police have been looking for Assamese choreographer and actress Sumi Borah, who is also reportedly connected to Phukan's network.

It has been alleged that Phukan spent crores of rupees on Sumi Borah's wedding in Rajasthan's Udaipur.