In the ongoing investigation into the multi-crore DB Stock Consultancy scam, the Central Bureau of Investigation (CBI) has arrested two individuals from Guwahati for their roles in facilitating the fraudulent scheme that duped thousands of investors nationwide.
The scam, allegedly masterminded by Deepankar Barman, the owner of DB Stock Consultancy, is one of the biggest financial frauds in recent times in Assam, involving the defrauding of over 10,000 people across India to the tune of more than Rs 400 crore. The arrested in the fraud are Pushpajit Purkayastha and Sandeep Gupta.
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c, eventually defaulting and disappearing with the money.
Purkayastha, a former Branch Manager at Axis Bank’s Rehabari Branch in Guwahati, was found to have played a pivotal role in enabling the scam.
CBI investigators uncovered that Purkayastha had conspired with Barman to exploit his position in the bank to win the trust of depositors.
He personally lured investors, particularly from Mumbai and Guwahati, by promising astronomical high returns. In return, he earned significant illegal commissions for each referral.
Investigators said that Pushpajit’s professional credentials as a banker were used to lend false legitimacy to the operation, misleading innocent clients into believing the scheme was credible and bank-backed.
The second accused, Sandeep Gupta, was identified as one of the primary agents and aggregators for DB Stock Consultancy. He operated extensively in Dibrugarh and surrounding areas, and referred over 350 clients to the scam.
According to the CBI, Gupta amassed lakhs in commissions for collecting deposits and expanding the fraudulent network.
Both arrests follow earlier CBI action in which a charge sheet was filed against the main accused Deepankar Barman, his fiancée Monalisha Das, his parents Chabin and Deepali Barman, Chartered Accountant Mukesh Agarwal, and other accomplices.
The CBI has invoked various sections of the Indian Penal Code, including those related to criminal conspiracy, cheating, and forgery, alongside violations of the Banning of Unregulated Deposit Schemes Act, 2019.
