DB Stock Scam: CBI Tightens Noose, Two More Arrested

The Central Bureau of Investigation (CBI) on Sunday arrested two individuals, Pushpajit Purkayastha and Sandeep Gupta, in connection with the sensational DB Stock Consultancy scam that allegedly defrauded over 10,000 investors across India of more than ₹400 crore.

The arrests were made in Guwahati following a detailed investigation into the unregulated deposit scheme masterminded by Deepankar Barman, the owner of DB Stock Consultancy. The scam involved luring investors with false promises of high and guaranteed returns.

According to the CBI, Pushpajit Purkayastha, a former Branch Manager at Axis Bank’s Rehabari branch in Guwahati, played a pivotal role in the conspiracy. He allegedly used his banking position to gain the trust of clients in Mumbai and Guwahati, persuading them to invest in the fraudulent scheme. In return, he received hefty commissions for each referral and facilitated transactions that lent credibility to the scam.

Meanwhile, Sandeep Gupta, described as the primary agent and aggregator for DB Stock Consultancy, is accused of orchestrating a vast referral network in Dibrugarh. He reportedly roped in over 350 investors by promoting the scheme with similar false promises of high returns. Gupta also earned lakhs in commissions for his role.

The CBI has already filed a chargesheet against the main accused, Deepankar Barman, along with his fiancée Monalisha Das, his parents Chabin and Deepali Barman, and Mukesh Agarwal, a Chartered Accountant. The investigation reveals that Barman ran a sophisticated, yet fraudulent, investment operation under the guise of a consultancy firm, amassing deposits from thousands of unsuspecting victims before defaulting.

This latest development marks a significant breakthrough in the CBI’s ongoing efforts to dismantle one of the country’s most elaborate financial frauds in recent years.

Also Read: DB Stock Scam: Guwahati Police Arrest 3, Including Parents of Deepankar Barman