DB Stock Broking Consultancy Kukatpally manager arrested for cheating investors of Rs 7 crores

Hyderabad: The Economic Offences Wing (EOW) Police of Cyberabad arrested a person, who was involved in cheating, criminal breach of trust and collected money from innocent people to the tune of Rs 7 crores in the name of returns with a high percentage of profits.

Disclosing the case details, EOW DCP Cyberabad K Prasad said that the accused was identified as Vijji Jagadeesh Chandra Prasad, manager in DB Stock Broking Consultancy in the Kukatpally branch at Hyderabad. He is a resident of Hydernagar here and a native of Kakinada in Andhra Pradesh.

Case details

The DCP said that Deepankar Barman from Guwahati is the proprietor of DB Stock Broking Consultancy. The firm has offices in major cities, including Hyderabad, Bengaluru, Mumbai, Guwahati and Nalbari. The accused Deepankar Barman and Jagadeesh Chandra Prasad together hatched a plan and introduced the following schemes by promising good high-interest returns.

DB Stock Broking attracted clients with promises of extraordinarily high returns, which included 120 per cent annually, 54 per cent over six months, 27 per cent over three months, and 8 per cent monthly for the invested amount. Likewise, the accused persons attracted innocent people in the guise of high returns and collected about Rs 7 crores from the innocent people in Hyderabad and other surrounding areas.

After collecting the huge amount for several months till July, from then the accused closed their business, failed to return the collected amount and cheated the victims. In this regard, the accused Deepankar Barman was arrested by Assam Police in a similar offence, reported in Guwahati. Apart from Hyderabad, the accused have collected crores of rupees in other states under this scheme in the guise of high returns.

Based on a complaint filed by Shamai Panchakshar, a resident of Puppalaguda, a case has been registered under 316 (2), 318 (4), 61 (2) BNS and Section 5 of the Telangana Protection of Depositors of Financial Establishment Act- 1999 of EOW PS, Cyberabad, the DCP said.

Public advisory

The Cyberabad EOW Police advised the public to be aware of unauthorised layouts and not to fall victim to fraudsters and cheaters. The department is committed to prosecuting the accused and ensuring justice for victims.