Rs 7,000 Cr DB Stock Broking scam: Woman suspect detained, mastermind hiding in Australia

Guwahati, August 21: The Assam police have detained one person in Guwahati in connection with the DB Stock Broking scam, which has reportedly defrauded investors of nearly Rs 7000 crore.

Monalisa Das, who is suspected of having connections with Deepankar Barman—the alleged mastermind behind the scam—was apprehended by the Pan Bazar Police while hiding in the city's Khaghuli area on Wednesday.

Barman, who faces serious allegations of defrauding investors in both India and Australia, is reported to be in hiding in Australia.

Reports indicate that Barman had been managing his finances through his dematerialised account (demat account) and maintaining transactions across 12 personal accounts in various banks. All his bank accounts have been seized by the police.

“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,” said Diganta Barah, Commissioner of Police, Guwahati.

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 DB Stock Broking firm, which began operations in 2018, accumulated around 16,000 clients over the years.

The firm allegedly invested client funds through a popular trading platform, and promised exceptionally high returns—ranging from 8% monthly to 120% annually.

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.

The investigation has raised questions about why Barman had not previously been scrutinised by the Income Tax Department.

This case comes in the wake of another recent scam involving the YBY trading app, which deceived users with promises of doubling their money and offered additional incentives for recruiting new users.

The YBY app had lured investors with daily tasks and a claimed 6% profit on investments, coupled with a 20% tax deduction.

As the fallout from these scams continues, investors are left grappling with significant financial losses and awaiting further developments in the ongoing investigations.