DB Stock Trading scam: Mastermind Deepankar Barman arrested in Goa

Syllad | The Rising MeghalayaOctober 27, 2024

Dipankar Barman, the 22-year-old mastermind behind the DB Stock Trading scam, was apprehended in Goa on Sunday evening by a team from the Guwahati Police, led by Panbazar ACP Amit Mahato.

Barman, who allegedly defrauded investors of over Rs 7,000 crore across Assam, had been evading authorities since the scam surfaced in early August. His arrest marks a significant breakthrough in the investigation, with authorities now aiming to recover assets and provide justice to the thousands of victims impacted by his high-stakes fraudulent operations.

As part of the ongoing investigation into the DB Stock Trading scam, Guwahati Police arrested Dipankar Barman’s parents, Chabin Barman (67) and Deepali Talukdar (63), from their residence at Flat No. 4C, Abhiguna Residency in Gotanagar on September 20.

On the same day, Mukesh Agarwal (40), the chartered accountant and financial planner for DB Stock Consultancy, was detained from Nripen Bora Path in Fatasil Ambari. These arrests signal the authorities’ intent to thoroughly pursue all individuals involved in the multi-crore scam, which has defrauded thousands of investors.

Dipankar Barman has a case registered under Paltan Bazar Police Station (Case No. 288/2024) under the Banning of Unregulated Deposit Schemes Act, 2019, among other charges. His high-profile scam has pushed regulatory bodies and law enforcement to take stringent actions to protect investors and curb unlicensed financial schemes in the region.

The DB Stock Brokers scam, orchestrated by Dipankar Barman, has left a significant impact on Assam’s financial landscape, exposing thousands of investors to substantial losses. Accused of defrauding investors of around Rs 7,000 crore, Dipankar attracted individuals with promises of high returns through unlicensed stock trading, then vanished after accumulating large sums. This operation, conducted without licenses from the Reserve Bank of India (RBI) or the Securities and Exchange Board of India (SEBI), has raised concerns about the spread of unregulated financial activities, even in states like Assam, where stock market participation remains low at around 1.1%.

Dipankar Barman faced charges under sections 316(5), 318(4), 3(5) BNS, and section 21 of the Banning of Unregulated Deposit Schemes Act, 2019. Following his disappearance, Guwahati Police sought help from central agencies, issuing lookout notices to trace his movements. On September 20, police arrested his parents, Chabin Barman and Deepali Talukdar, and his chartered accountant, Mukesh Agarwal, as part of their ongoing probe.

The severity of the DB Stock Brokers scam has prompted a regulatory response aimed at reinforcing investor protections and restoring public trust in the financial system. Authorities are intensifying efforts to curb unlicensed operations, emphasizing the importance of vigilant investment practices and stringent compliance with financial regulations.