Assam: DB Stock Broking firm vanishes with investor's money

Staff Reporter

Guwahati: For the sake of earning easy money, another massive financial scandal has hit the city, leaving thousands of investors staring at huge losses. DB Stock Broking, a firm that promised huge returns on investments, has abruptly ceased operations, and its owner, Deepankar Barman, has been untraceable.

According to allegations, the firm, which had over 23,000 clients, operated not only in Guwahati but also had offices in Nalbari, Rangia, Bangalore, Jammu and Kashmir, Hyderabad, Mumbai and in various other places. It was reported to have defrauded investors of thousand of crores of rupees. DB stock broking has investors not only in India but also in Australia.

The firm, which started operations in 2018, had lured many customers as it promised high returns on investments, but many investors are now reporting substantial losses. The firm attracted many investors and promised high returns of 120% annually, 54% over six months, 27% over three months, and 8% monthly of schemes, reportedly made to investors. Some investors claimed to have invested up to Rs 80 lakh, while others said they had invested Rs 10 lakh.

Earlier yesterday, the Guwahati office in Bora Service shut down and ceased operations, which raised concerns about the lack of regulation and oversight in the financial sector. Disgruntled investors gathered outside DB Stock Broking's Bora Service office in Guwahati to protest, sharing stories of significant financial losses. Investors are demanding action against the firm and its owner, seeking justice for their losses.

On the other hand, despite repeated attempts to contact the firm, customers have been unable to reach it. Guwahati police have detained a woman in connection with the firm and was under the custody in the All Women Police Station in Panbazar.

Commissioner of Police, Diganta Barah, stated that "no complaints had been received from investors yet, but the matter would be investigated once a complaint is filed. He also cautioned investors to verify the authenticity of firms and apps before investing for the sake of easy money."

Also Read: Assam: Guwahati Commissioner Reveals No Complaints Filed in DB Stock Broking Fraud Case (sentinelassam.com)

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