In a startling turn of events, the infamous fraudster Dipankar Barman, who is wanted not just in Assam but also in six other states, has been linked to hundreds of cases across various regions, including Telangana, Haryana, and Nagaland, with additional cases pending in Sikkim and Karnataka. Barman, the proprietor of DB Stock broking, is accused of embezzling hundreds of crores from investors, particularly in Hyderabad, where he has become the target of an extensive fraud investigation.
In Telangana alone, Barman reportedly siphoned off significant funds from investors, with the Telangana Police launching an investigation under the Telangana Protection of Depositors of Financial Economists Act. The police recently raided DB Stock's office in Kukatpally Housing Board Colony (KPHB) in Hyderabad, detaining and interrogating several employees linked to the scheme.
Barman's fraudulent activities involved collecting massive sums from investors under the guise of providing high returns, a violation of Securities and Exchange Board of India (SEBI) regulations. Barman's scheme, according to a well-known stock market influencer, promised returns as high as 120% within a year and 60% within six months, blatantly defying SEBI's rules, which prohibit guarantees of specific returns in stock market investments.
Investigations have further revealed that Barman did not fully invest the collected funds in the stock market as he had claimed. Instead, a significant portion was diverted into real estate projects and partnerships with builders, leading to further financial losses for investors. Among the victims are doctors, senior citizens, and other professionals, who were lured in by false promises of high returns.
The fraudulent scheme was reportedly bolstered by promotional activities, including the involvement of local YouTubers and an investor meet featuring Aman Gupta, co-founder of BoAt, which gave Barman's operation an air of legitimacy. Despite these efforts, many victims are struggling to recover their investments, often finding themselves in difficult legal situations due to inadequate documentation.
This ongoing investigation highlights the urgent need for stricter regulatory measures and verification processes when dealing with financial advisors. Investors are being advised to exercise extreme caution and conduct thorough background checks before committing their money to any financial schemes.
As the investigation continues, police in multiple states are collaborating to bring Dipankar Barman and his associates to justice, while the victims of this widespread fraud await the recovery of their lost investments.