Guwahati, August 21: The Assam police have taken significant action in the ongoing investigation into the DB Stock Broking Scam, which has allegedly defrauded investors of nearly Rs 7,000 crore. On Wednesday, authorities detained Monalisa Das in Guwahati. Das is believed to have close connections with Deepankar Barman, the alleged mastermind behind the scam. Her arrest took place in the Khaghuli area, where she was found hiding by the Pan Bazar Police.
The DB Stock Broking Scam has sent shockwaves through the financial community, with Barman at the center of the controversy. Barman, who faces serious allegations of defrauding investors not only in India but also in Australia, is reported to be in hiding in Australia. According to police reports, Barman managed his finances through a dematerialised (demat) account and conducted transactions across 12 personal bank accounts. These accounts have now been seized by the police as part of the investigation.
Financial Mismanagement and International Ties in the DB Stock Broking Scam
The DB Stock Broking Scam is particularly alarming due to the scale of the fraud and the international connections involved. Barman’s ability to operate undetected for so long has raised concerns about regulatory oversight in the financial sector. The fact that he was able to manage his finances through multiple accounts and even flee the country suggests a well-planned and sophisticated operation.
Despite the gravity of the situation, the Assam police have yet to receive any formal complaints or FIRs from investors who have been defrauded by the DB Stock Broking Scam. “We have not yet received any complaints or FIRs from investors regarding DB Stock Broking. Once we do, legal action will be taken against those involved. I urge the public to be cautious and verify the credentials of online apps before investing,” said Diganta Barah, Commissioner of Police, Guwahati.
The lack of immediate legal action from the victims may be attributed to the complexity of the scam and the possible involvement of numerous high-profile individuals. However, the police are urging the public to come forward with information and are committed to pursuing legal action once formal complaints are made.
Public Outrage and Investigative Efforts
The DB Stock Broking Scam has not only caused financial loss to thousands of investors but has also led to public outrage. On Tuesday night, several victims of the scam gathered outside Barman’s residence in Jalukbari, seeking information about his whereabouts from his family. The situation quickly escalated, and in a fit of anger, the crowd reportedly assaulted Barman’s father. This incident underscores the high emotions and desperation felt by those who have lost significant sums of money in the scam.
DB Stock Broking, which began its operations in 2018, managed to accumulate around 16,000 clients over the years. The firm allegedly invested client funds through Angel One, a well-known trading platform, and promised unusually high returns—ranging from 8% monthly to 120% annually. These promises, which now appear to have been too good to be true, lured many unsuspecting investors into the scheme.
The magnitude of the DB Stock Broking Scam has prompted intense scrutiny of the firm’s operations across multiple locations, including Guwahati, Nalbari, Rangia, Mumbai, Hyderabad, and Bengaluru. Investigators are now combing through records and transactions to piece together the full extent of the scam. The involvement of multiple cities suggests a wide-reaching operation that may have affected thousands more investors than initially thought.
One of the most pressing questions arising from the DB Stock Broking Scam is why Deepankar Barman was not previously scrutinised by regulatory bodies such as the Income Tax Department. Given the large sums of money involved and the complexity of the transactions, it is surprising that Barman’s activities did not raise red flags earlier. This oversight has led to criticism of the regulatory framework and calls for stricter monitoring of financial activities, particularly those involving large-scale investments.
The DB Stock Broking Scam is not an isolated incident. It follows closely on the heels of another recent scam involving the YBY trading app, which similarly deceived users with promises of doubling their money and offered additional incentives for recruiting new users. The YBY app attracted investors by offering daily tasks and a claimed 6% profit on investments, coupled with a 20% tax deduction. Like the DB Stock Broking Scam, the YBY scam has left investors grappling with significant financial losses.
As the fallout from these scams continues, affected investors are left in a precarious position, anxiously awaiting further developments in the ongoing investigations. The Assam police, along with other regulatory bodies, are under pressure to bring the perpetrators to justice and recover the lost funds.
The DB Stock Broking Scam serves as a stark reminder of the risks associated with high-return investment schemes and the importance of due diligence. As the investigation unfolds, it is hoped that stricter regulations and increased awareness will prevent similar scams from occurring in the future. Investors are urged to remain vigilant and to thoroughly verify the credentials of any investment platform before committing their funds. The outcome of this case could have far-reaching implications for the financial sector in India and beyond.
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