DB Stock Scam: CBI Arrests Axis Bank's Ex-manager Pushpajit Purkayastha and Sandeep Gupta in Investment Fraud

Moneylife Digital Team 14 April 2025

Investor Interest

The central bureau of investigation (CBI) has arrested two individuals, Pushpajit Purkayastha, a former branch manager of Axis Bank, and Sandeep Gupta, in connection with the Rs400-crore DB Stock Consultancy investment scam. The arrests were made in Guwahati following revelations of their significant roles in the fraudulent scheme operated by alleged mastermind Deepankar Barman.

According to CBI, Mr Purkayastha, who formerly served as the branch manager at Axis Bank’s Rehbari Branch in Guwahati, colluded with DB Stock Consultancy to collect public deposits under the guise of high and assured returns. Investigators allege that Mr Purkayastha, in conspiracy with Mr Barman, misused his position in the bank to lure customers and investors from Guwahati and Mumbai into the fraudulent investment scheme. In return, he is believed to have received substantial illegal commissions.

Sandeep Gupta, described by officials as the principal agent and aggregator for DB Stock Consultancy, also played a crucial role in the scam. CBI alleges that Mr Gupta referred over 350 clients, primarily from Dibrugarh, convincing them to invest their money based on false promises of guaranteed high returns. He too is accused of earning large commissions from the scam proceeds.

CBI has already filed a charge-sheet against the prime accused, Mr Barman, along with his fiancée Monalisha Das, his parents Chabin Barman and Deepali Barman and chartered accountant (CA) Mukesh Agarwal. Deepankar Barman, who owned and operated DB Stock, is accused of orchestrating a nationwide Ponzi-style scam, defrauding over 10,000 individuals of more than Rs400 crore. He allegedly promised investors fixed high returns through an unregulated deposit scheme before defaulting on payments.

Last year in August, Ms Das was apprehended by Pan Bazar police while attempting to evade arrest in Guwahati's Khaghuli area.

The principal figure behind the firm, Deepankar Barman, is accused of orchestrating a scam that extended beyond Indian borders, affecting investors in Australia as well.

However, according to the report, Mr Barman has fled the country, leaving behind thousands of distraught investors. DB Stock Broking, which began operations in 2018, had built a large clientele over the years, promising lucrative returns through investments made on Angel One, a popular stock market platform. However, these promises of high returns are now suspected to have been part of a massive fraudulent scheme, the report says.

DB Stock Broking attracted clients with promises of extraordinarily high returns which included 120% annually, 54% over six months, 27% over three months, and 8% monthly. These figures, which seemed too good to be true, are now under investigation as authorities suspect that the Guwahati office, under Mr Barman's management, was primarily used for fraudulent activities. (Read: DB Stock Broking Fraud: Police Detain Suspect as Rs7,000 Crore Scam Unravels Leaving 23,000 Investors in Panic, Says Report)

Comments

User

Investor Interest

PPF Accounts: No Fees for Updating or Modifying Nominee Details, Govt Issues Gazette Notification

Moneylife Digital Team 03 April 2025

Taking cognisance of media reports about some institutions levying a fee for updating or modifying nominee details in the public provident fund (PPF) accounts, Union finance minister (FM) Nirmala Sitharaman says necessary changes have...