Rs 400-Cr DB Stock scam: CBI arrests two, including Axis Bank official, in Guwahati
Investigators say the accused played key roles in expanding the scam’s reach across Mumbai, Guwahati & Dibrugarh;
Guwahati, April 14: The Central Bureau of Investigation (CBI) has arrested two key individuals linked to the multi-crore DB Stock Consultancy scam, the agency said in a statement on Monday.
The accused, taken into custody in Guwahati on Sunday, have been identified as Pushpajit Purkayastha, former branch manager of Axis Bank’s Rehbari branch, and Sandeep Gupta, a primary aggregator for DB Stock.
Their arrests came after it was found that they worked closely with the main accused, Deepankar Barman, to trick investors with false promises of guaranteed high returns.
According to the CBI, Purkayastha abused his position at the bank to promote the scam, targeting clients in both Guwahati and Mumbai.
He allegedly worked in close coordination with Barman to convince bank customers to invest in DB Stock Consultancy’s unregulated deposit scheme.
In return, he received significant commissions for each investor he brought into the fold, the agency said.
Gupta, described as the chief agent and aggregator for DB Stock, handled operations in Dibrugarh and referred over 350 investors to the illegal scheme.
Investigators found that he too raked in lakh of rupees in commission for mobilising funds through an extensive client network built on deceptive promises of fixed returns.
The arrests add to a growing list of accused in the case. The CBI has already filed a chargesheet against Barman, his fiancée Monalisha Das, his parents Chabin and Deepali Barman, and Chartered Accountant Mukesh Agarwal.
Barman, the founder of DB Stock Consultancy, is accused of defrauding over 10,000 people across India of more than ₹400 crore.
The scheme, investigators say, operated under the guise of a stock consultancy and duped investors by offering attractive but fake returns, only to default once funds were secured.
With fresh arrests and widening investigation, the CBI is expected to make further inroads into dismantling the entire nexus behind the operation.
