The scam’s mastermind, Deepankar Barman, was previously arrested after defrauding over 10,000 people across India of more than Rs 400 crore through a fraudulent investment scheme.
The Central Bureau of Investigation (CBI) has confirmed the arrest of two individuals in connection with a widespread online trading scam.
The main accused, Deepankar Barman, owner of DB Stock Consultancy, was apprehended in Goa in October last year after evading authorities for nearly four months. His arrest led investigators to uncover the roles of Pushpajit Purkayastha and Sandeep Gupta in the fraudulent operation.
Pushpajit Purkayastha, formerly the Branch Manager of Axis Bank’s Rehabari Branch in Guwahati, was found to have collaborated with DB Stock Consultancy to collect public deposits under the false pretext of guaranteed high returns.
What is the DB stock trading scam?
According to the CBI, Purkayastha, in collusion with Barman, misled investors, including bank customers, into investing in the fraudulent scheme. He allegedly earned substantial illegal commissions for his role in bringing unsuspecting investors into the scam, and facilitated its operations using his position, particularly targeting clients in Guwahati and Mumbai.
Sandeep Gupta, identified as the key agent and aggregator for DB Stock Consultancy, also played a significant role. The CBI noted that Gupta conspired with Barman and others to promote the illegal deposit scheme. He is said to have referred over 350 investors, mainly from Dibrugarh, collecting funds from them based on misleading assurances of high returns. For his involvement, Gupta reportedly received lakhs of rupees in commission from DB Stock Consultancy.
The CBI has already filed a chargesheet against Deepankar Barman, along with his fiancé Monalisha Das, his parents Chabin and Deepali Barman, and Chartered Accountant Mukesh Agarwal.
Barman is accused of orchestrating a massive scam that defrauded over 10,000 people across India, swindling more than Rs 400 crore through an unregulated investment scheme that promised high fixed returns but ultimately failed to honour the deposits.
