ED attaches Rs13.41 crore assets in massive Ponzi scam linked to DB Stock Consultancy

In a major crackdown on financial fraud, the Enforcement Directorate (ED) has provisionally attached assets worth Rs 13.41 crore in connection with a money laundering investigation involving DB Stock Consultancy and its proprietor, Deepankar Barman. The action, carried out under the Prevention of Money Laundering Act (PMLA), 2002, exposes a large-scale alleged Ponzi scheme that duped thousands of investors across the country.

The case traces its origins to an FIR registered at Paltan Bazar Police Station in August 2024, which was subsequently taken over by the Central Bureau of Investigation (CBI), indicating the seriousness and scale of the alleged financial irregularities.

According to the ED’s findings, DB Stock Consultancy operated an unregulated deposit scheme in Guwahati between 2021 and August 2024, luring investors with promises of extraordinarily high returns, ranging from 1.25 per cent per week to as much as 120 per cent annually. Investigators revealed that the firm aggressively marketed its schemes through educational institutions, WhatsApp groups, and personal networks, creating a widespread web of investors.

The probe has uncovered that approximately 15,500 individuals from across India were allegedly defrauded, with total deposits amounting to a staggering Rs 400.14 crore. The ED described the operation as a “classic Ponzi scheme,” where funds collected from new investors were used to pay returns to earlier investors, without any legitimate revenue-generating activity.

Authorities further noted that the firm was neither registered as a Non-Banking Financial Company (NBFC) nor authorised by the Reserve Bank of India (RBI) to accept public deposits, raising serious regulatory concerns.

The main accused, Deepankar Barman, allegedly went absconding on August 18, 2024, soon after the scheme collapsed, leaving thousands of investors in financial distress. He was later apprehended by Assam Police in coordination with the CBI.

The assets attached by the ED include immovable properties valued at Rs 8.71 crore, comprising flats, land parcels, and office spaces located in Guwahati, Hyderabad, and Visakhapatnam. Additionally, movable assets worth Rs 4.70 crore have been seized, including 27 bank accounts containing ₹4.04 crore, along with investments in mutual funds and equities amounting to ₹66 lakh.

Officials stated that further investigation is underway to trace additional proceeds of crime and identify other individuals or entities involved in the alleged scam.