The Assam police have detained a key suspect in the ongoing DB Stock Broking scam, which has allegedly defrauded investors of nearly Rs7000 crore. Monalisa Das, believed to have ties with Deepankar Barman—identified as the mastermind behind the scheme—was arrested by the Pan Bazar Police while hiding in the Khaghuli area of Guwahati on Wednesday.
Barman, facing grave allegations of defrauding investors in both India and Australia, is currently reported to be in hiding in Australia. Investigations reveal that he managed his finances through a dematerialized account (demat account) and conducted transactions across twelve personal bank accounts, all of which have since been seized by authorities.
“We have not yet received any complaints or FIRs from investors regarding DB Stock Broking. Once we do, we will take legal action against those involved. I urge the public to exercise caution and thoroughly verify the credentials of online apps before investing,” stated Diganta Barah, Commissioner of Police, Guwahati.
On Tuesday night, a group of victims gathered outside Barman’s home in Jalukbari, seeking information about his whereabouts. In a fit of rage, they reportedly assaulted Barman’s father during their outcry.
Founded in 2018, DB Stock Broking attracted around 16,000 clients over the years. The firm allegedly invested client funds through a popular trading platform, promising remarkably high returns—ranging from 8% monthly to 120% annually. The scandal, now labeled as one of the largest financial frauds in recent times, has prompted rigorous scrutiny of the firm’s offices across multiple locations, including Guwahati, Nalbari, Rangia, Mumbai, Hyderabad, and Bengaluru.
The investigation has raised pressing questions regarding the lack of oversight from the Income Tax Department in Barman’s case. This incident follows another recent scam involving the YBY trading app, which deceived users by promising to double their investments while offering incentives for recruiting new members. As the fallout from these financial scams continues, investors are left facing substantial losses and are anxiously awaiting updates on the ongoing investigations.
