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| CBI |
Pushpajit Purkayastha, the former Branch Manager of Axis Bank’s Rehbari Branch in Guwahati, was found to be a central figure in facilitating the illegal operation. The investigation revealed that Purkayastha conspired with prime accused Deepankar Barman to lure investors into the fraudulent scheme under the guise of guaranteed high returns. Exploiting his trusted position in the banking sector, Pushpajit misled clients and investors both from Mumbai and Guwahati into depositing funds with DB Stock Consultancy. In return, he received substantial illegal commissions for his role in drawing unsuspecting individuals into the scam.
Sandeep Gupta, the second accused, acted as the main agent and aggregator for DB Stock Consultancy. He worked in close coordination with Barman and his associates, targeting individuals primarily from Dibrugarh. Gupta referred over 350 clients to the scheme and collected large sums on their behalf, again with false assurances of lucrative returns. His involvement helped the scam expand its reach across Assam, with Gupta reportedly earning lakhs of rupees as commission for his referrals and deposit mobilization.
The CBI has already filed a chargesheet against the prime accused Deepankar Barman and several of his close associates. Those named include Barman’s fiancé Monalisha Das, his parents Chabin Barman and Deepali Barman, and Mukesh Agarwal, a Chartered Accountant linked to the financial operations of the scheme.
According to the investigation, DB Stock Consultancy operated as an unregulated deposit scheme, defrauding more than 10,000 individuals across India of over ₹400 crore. Investors were misled with false assurances of fixed high returns, and the company eventually defaulted on the deposits, causing massive financial loss and distress to victims nationwide.
The CBI continues its investigation into the wider network of individuals and entities involved in the scam. Further arrests and legal actions are expected as the agency uncovers more evidence.
