The primary suspect in a massive online trading scam that defrauded investors in Assam, Deepankar Barman, has been arrested by the Assam Police in Goa's capital, Panaji, following a three-month manhunt.
The 29-year-old founder of Guwahati-based DB Stock Broking allegedly masterminded a scheme that swindled approximately Rs 7,000 crore from thousands of investors who were promised high returns on their investments.
The Assam Police team seized Rs 27 lakh in cash from Barman’s residence during the raid.
The multi-crore scandal first emerged in late August when investors reported that Barman had abruptly halted promised returns, shutting down operations and leaving clients in financial despair.
“Finally, Dipankar Burman [is] arrested in Goa. The run ends. Congratulations Team @GuwahatiPol,” Assam's Director General of Police GP Singh confirmed via social media platform X.
Barman will be presented before a Goa court on Monday and then escorted to Guwahati on a transit remand, according to officials.
The Assam government has handed over the ongoing investigation into 41 associated cases to the Central Bureau of Investigation (CBI), citing the scale and spread of the fraudulent activities.
This arrest comes after an extensive crackdown that has led to over 65 related arrests, including Assamese actor Sumi Borah and her husband, photographer Tarkik Borah.
Investigators also apprehended Barman’s aide, actor Monalisa Das, along with his parents, who were taken into custody as part of the investigation.
According to reports, these fraudulent schemes were primarily operated by young promoters, mostly in their 20s, who raised hundreds of crores from the public by advertising high-yield returns through stock market investments.
However, when these firms were unable to deliver on their promises, the scale of the deception quickly unravelled, revealing the full extent of the scam.
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