Guwahati: In what has created panic among hundreds of investors, police on Wednesday detained a person in connection with DB Stock Broking investment company which is alleged to have defrauded investors of nearly Rs. 7000 crore.
Monalisa Das, who is suspected of having connections with Deepankar Barman—Director of the investment company having its offices in Guwahati, Nalbari, Rangia, Hyderabad, Bangalore and Mumbai—was apprehended by the Pan Bazar Police while hiding in the city's Khaghuli area on Wednesday.
Barman, who is alleged to have defrauded investors not only in India but in Australia as well is said to have fled from the country.
The firm, DB Stock Broking, had accumulated several thousand clients over the years who invested in the stock markets through it. They allegedly used to invest the client's money through Angel One, a popular platform used to invest in the market.
The company, which started operations in 2018, lured customers promising double returns on their investments.
The firm promised high returns to investors: 120 percent annually, 54 percent over six months, 27 percent over three months, and 8 percent monthly. However, it is alleged that the Guwahati office, managed under Barman's direction, was utilized for fraudulent activities.
The Director of the company Barman recently in a video message acknowledged delays and promised improvements by September 2024. He stated, “I hope everyone is doing good. There has been a communication gap between me and my clients for the last couple of days. Thus, I thought of sharing this video as part of my communication. From the last couple of days, there has been a delay in payments, thus, clients were little worried. Everything will be normal, one thing I must share is that there has been little issue with the service. I am sure the service will grow by September this year. We will also hire new employees. Investors’ call will be responded to on time.”
The Guwahati Commissioner of Police told reporters, “We have not yet received any complaints or FIRs from investors regarding DB Stock Broking. Once we do, we will take legal action against the individuals mentioned. I urge the public to exercise caution and thoroughly verify the credentials of online apps before investing.”
Earlier on Tuesday night, several victims of the scam gathered outside Barman’s Jalukbari home, seeking information regarding his whereabouts from his family. Reports indicate that the gathering, in a fit of outrage, also assaulted Barman's father.
The scandal, described as one of the largest financial frauds in recent times, has prompted intense scrutiny of the firm's offices across Guwahati, Nalbari, Rangia, Mumbai, Hyderabad, and Bengaluru. All the offices of the company have been closed since the last few days, which created panic among the investors who were worried about the irregular payment of their returns for the last couple of months. The company is said to have a total of 23,000 investors.
