Hyderabad citizens lost over ₹6 crore in the ₹7,000 crore DB Stock Broking scam unearthed in Assam. The investigation began in Hyderabad about a fortnight ago, following a complaint by 37-year-old techie Shamai Panchakshar on September 23. The victim from Puppalaguda in Manikonda alleged that he had invested ₹11 lakh in DB Stock Broking after being promised significant returns, but did not receive any money including his principal amount.
According to Cyberabad Economic Offences (EOW) DCP K. Prasad, around 10-12 individuals from Hyderabad were identified who invested over ₹6 crore in DB Stock Broking. A case was booked under the charges of criminal breach of trust, cheating and Section 5 of the Telangana Protection of Depositors of Financial Establishments and the Cyberabad police are working with officials from Assam to speed up investigation.
“We received complaints and booked a case against Deepankar Barman, the director of the company and his three associates. Our team is in touch with officials in Assam. We are getting the documents from them and verifying the travel history of the suspect,” the DCP said.
The multi-crore rupee inter-state trading fraud was allegedly orchestrated by Barman from the firm’s head office in Guwahati, Assam. While the parents and financial planner of the key accused were arrested by the Guwahati police in August, the police are tracing Barman who shut the shop and fled from Guwahati earlier in August after the payments stopped in July.
The company that began operations in 2018 attracted investors from all parts of the country by offering schemes with high interest returns including 120% over a year and 54% over six months.
Published – October 08, 2024 03:54 pm IST