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Guwahati: A man accused of being involved in a massive loan scam was arrested by the police in Guwahati, Assam on Wednesday.

A police team apprehended Hemant Kumar Gogoi, the alleged mastermind behind a fraudulent loan scam that targeted vulnerable individuals across three districts in Barak Valley.

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The scam, which involved the Singhania Fintech Acquisition Company, resulted in financial losses of approximately Rs 65 lakh.

Gogoi’s arrest follows the earlier detention of three accused, including a local BJP leader and an officer in-charge.

The police investigation, prompted by a tip-off, led to the seizure of documents and the unravelling of a network operating across Karimganj, Silchar, and Hailakandi districts.

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The scam allegedly involved offering fake loans of Rs 25,000 for an upfront payment of Rs 2,000. The police have registered multiple cases against Gogoi in Assam and Meghalaya, indicating a broader scope of the scam.

Further investigations are being carried out by the police.