What is DB Stock Broking scam? How Hyderabad residents fell victim to organized fraud?

Hyderabad: Hyderabadis have lost over Rs two crore in Rs 7000 crore DB Stock Broking scam that was unearthed in Assam.

Owned by Deepankar Barman from Guwahati, the firm has offices in major cities, including Hyderabad, Bengaluru, Mumbai, Guwahati, and Nalbari.

Many residents of Hyderabad were tricked into investing in the fraudulent scheme by DB Stock Broking, which also had a branch in KPHB Colony.

What is DB Stock Broking Scam?

Established in 2018, DB Stock Broking has amassed a substantial clientele by offering profitable returns on investments.

DB Stock Broking attracted clients with promises of extraordinarily high returns, which included 120 percent annually, 54 percent over six months, 27 percent over three months, and 8 percent monthly.

However, investors have reported that payments stopped from July onwards. Deepankar Barman, who is accused of orchestrating this massive financial fraud, fled Guwahati on August 21, after locking his office.

Rs 2 crore invested by victims in Hyderabad

A senior official from Cyberabad Economic Offences Wing (EOW) on condition of anonymity told NewsMeter that around Rs 2 crore was invested by the victims in DB Stock Broking in Hyderabad.

Recently, Shamai Panchakshar, a 37-year-old techie from Puppalaguda Manikonda in Hyderabad filed a complaint with the EOW after being duped by the DB Stock Broking.

In his complaint, Shamai said that he had invested Rs 11 lakh in DB Stock Broking. Panchakshar did not get any of his money returned, with his principal and interest payments still being held by the company, despite being promised huge returns, he said.

“We have booked Barman and his associates under various sections, including criminal breach of trust and cheating. The case is also being investigated under Section 5 of the Telangana Protection of Depositors and Financial Establishments Act.

A team of officials from the EOW are also in constant touch with the officials in Assam to speed up the investigation,” the official said and called upon the victims in Hyderabad and Telangana to approach the EOW to unravel the full extent of the scam.