The Central Bureau of Investigation (CBI) has made major progress in uncovering a huge financial scam known as the DB Stock Scam, involving around Rs 400 crore. On March 13, the CBI arrested two key people in Guwahati — Pushpajit Purkayastha and Sandeep Gupta — for their involvement in the fraud.
Pushpajit Purkayastha used to be a Branch Manager at Axis Bank’s Rehbari Branch in Guwahati. He is accused of teaming up with a company called DB Stock Consultancy, encouraging people to deposit their money by giving them false promises of high returns. This means he convinced people they would earn big profits, which wasn’t true.
Sandeep Gupta played another important role in the scam. He worked as the main agent and aggregator for DB Stock Consultancy. The CBI found that he worked closely with Deepankar Barman, the main person behind the scam, and helped him trick people into investing their money.
DB Stock Consultancy, run by Deepankar Barman, cheated more than 10,000 people across India by offering a fake investment plan. They promised fixed, high returns to investors, but once people gave them money, the company failed to return it. This left many victims with huge losses.
Earlier, the CBI had already filed charges against several people connected to the scam. These include Deepankar Barman, his fiancée Monalisha Das, his parents Chabin and Deepali Barman, and even a Chartered Accountant named Mukesh Agarwal.
The investigation is still going on. CBI officials say that more arrests are expected soon as they continue to explore just how deep and wide the scam really was.
