In a significant development, Cyberabad police have confirmed that Hyderabad residents have been defrauded of over ₹6 crore in a massive stock broking scam linked to DB Stock Broking, a firm based in Guwahati, Assam. The nationwide scam has reportedly swindled investors out of a staggering ₹7,000 crore. The fraud allegations are centered around DB Stock Broking’s operations, which began in 2018 and collapsed in July 2024, causing widespread financial losses.
The local inquiry was initiated following a complaint by Shamai Panchakshar, a 37-year-old tech professional from Manikonda, who invested ₹11 lakh in the firm after being promised high returns. Unfortunately, he did not receive either the promised returns or his initial investment back.
Approximately 10-12 residents from Hyderabad are known to have invested significant amounts into this fraudulent scheme, according to K Prasad, Deputy Commissioner of Police for Cyberabad’s Economic Offences Wing (EOW). “We have registered cases of criminal breach of trust and cheating while invoking Section 5 of the Telangana Protection of Depositors of Financial Establishments Act,” Prasad stated. Efforts are underway with Assam authorities to accelerate the investigation.
The alleged mastermind behind this scheme, Deepankar Barman, the director of DB Stock Broking, is currently on the run after fleeing Guwahati in August 2024. Barman and his three associates are accused of enticing investors with implausible promises of returns—120% annually and 54% over six months.
DB Stock Broking initially gained fame for its seemingly attractive investment options, which drew investors from across the nation, including in Hyderabad. The revelation of this scam underscores the need for cautious investment practices and highlights the ongoing battle against financial fraud in India.
Original Story https://www.indiatodayne.in/assam/story/hyderabad-residents-lose-over-rs-6-crore-in-massive-stock-broking-scam-linked-to-assam-1106867-2024-10-15?utm_source=rssfeed
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