CBI arrests Axis Bank manager, key agent in Rs 400 crore DB Stock scam

Syllad | The Rising MeghalayaApril 16, 2025

The Central Bureau of Investigation (CBI) has arrested Pushpajit Purkayastha and Sandeep Gupta in connection with the multi-crore DB Stock Consultancy scam, a massive investment fraud that duped over 10,000 investors nationwide and siphoned off more than Rs 400 crore.

Pushpajit Purkayastha, the former branch manager of Axis Bank’s Rehabari Branch in Guwahati, played a key role in enabling the scam. According to the CBI, he conspired with the prime accused, Deepankar Barman, to bring in investors by offering them fake promises of guaranteed high returns. Using his position at the bank, Pushpajit directly influenced customers—particularly in Guwahati and Mumbai—to invest in DB Stock’s illegal deposit schemes. Investigators say he earned substantial commissions in exchange for drawing unsuspecting investors into the fraud.

Sandeep Gupta, the second person arrested, acted as the primary agent and aggregator for DB Stock in Dibrugarh. He is accused of referring over 350 clients and collecting large sums from them under pretenses. CBI findings reveal that Gupta worked in close coordination with Deepankar Barman and other co-accused, earning lakhs in commission for his role in expanding the fraudulent operation.

The DB Stock Consultancy scam is one of the largest unregulated deposit scams uncovered in recent years. Mastermind Deepankar Barman is alleged to have orchestrated the scheme with the help of his fiancée Monalisha Das, his parents Chabin and Deepali Barman, Chartered Accountant Mukesh Agarwal, and now the two newly arrested associates. All are accused of duping thousands by falsely guaranteeing lucrative returns, only to default on payouts once the funds were collected.

The CBI has already filed a chargesheet against the main accused and continues to investigate the broader network behind the scam. Authorities warn that more arrests may follow as the financial trail and client network are further examined.