DB Stock trading scam: Fraudster Deepankar Barman brought to Guwahati

Syllad | The Rising MeghalayaOctober 29, 2024

Deepankar Barman, the proprietor of DB Stock & Consultancy and a key suspect in a multi-state fraud case, was brought to Guwahati from Goa on Tuesday evening. His arrest, led by Panbazar ACP Amrit Mahato near the Arambol Bridge in Goa, follows a three-day transit remand, and he is currently held at Latasil Police Station. Barman is scheduled to appear before the Chief Judicial Magistrate’s court on Wednesday.

The extensive scam allegedly orchestrated by Barman involved luring investors from Assam, Meghalaya, Arunachal Pradesh, Mizoram, Andhra Pradesh, Jammu & Kashmir, and Telangana, promising high returns on investments. The Central Bureau of Investigation (CBI), alongside police from multiple states, is likely to request his custody to continue investigations into his fraudulent activities.

The city police have registered a new case (No. 374/2024) at Paltanbazar Police Station, while the first case (No. 288/2024), registered on August 22 under the Banning of Unregulated Deposit Schemes (UDS) Act, 2019, was transferred to the CBI on October 15. Under the UDS Act, assets seized from accused parties like Barman can potentially be liquidated to compensate verified investors. Assam DGP GP Singh highlighted that this provision may provide partial financial recourse to those defrauded, pending a full investigation and asset liquidation. Barman’s custody is expected to further reveal details of the scam and clarify avenues for investor compensation.

Singh assured that investors in DB Stock & Consultancy, a company involved in a multi-state fraud, could potentially recover some of their lost funds following a thorough investigation and asset liquidation under the Unlawful Deposit Schemes (UDS) Act. Singh explained that the Act allows for investor compensation through seized assets, provided investors can prove their involvement in the scheme. A committee will be established to oversee the liquidation of these assets, with the proceeds directed towards compensating affected individuals.

Singh emphasized that the Assam Police had seized numerous assets during their investigation, and the Central Bureau of Investigation (CBI) has since taken over, enhancing efforts to track and secure additional assets. He expressed optimism that within the coming months, some portion of the investors’ funds could be returned, contingent on the investigation’s progress. Highlighting the importance of interagency cooperation, Singh credited the CBI’s support in locating key suspects and assured the public that remaining absconders would be apprehended soon.