Major shake-up in DB Stock Broking fraud case; police reassign case to top cop

Guwahati, Sept 16: The DB Stock Broking financial fraud case, one of the most significant scams in Assam in recent times, has seen a shift in investigation after authorities struggled to locate the firm's owner, Deepankar Barman.

The case, which has left investors reeling from an estimated loss of nearly ₹7,000 crore, has now been assigned to Assistant Commissioner of Police (ACP) Amit Mahato, replacing Assistant Sub-Inspector (ASI) Bishal Das.

Barman has been on the run for over a month, with his last known location being Guwahati. Despite not using his passport and not leaving the country, Barman's whereabouts remain unknown to the police. His phone was reported to be switched off as of August 19.

Following the scandal's disclosure, police detained Barman’s fiancée, Monalisa Das, in the Khaghuli area of Guwahati. She was apprehended by the Panbazar police while attempting to evade capture.

The DB Stock Broking firm allegedly invested clients’ funds through a well-known trading platform, and made extravagant promises of returns—ranging from 8% monthly to an astonishing 120% annually. These promises have now been revealed as part of a deceptive scheme.

The case has prompted a comprehensive investigation, with police scrutinising the firm’s offices in Guwahati, Nalbari, Rangia, Mumbai, Hyderabad, and Bengaluru.

Barman’s financial activities were managed through a dematerialised account (demat account) and transactions across 12 personal bank accounts, all of which have been seized by the police.

The scandal has triggered intense scrutiny and raised concerns about financial fraud and investor protection.