Hyderabad residents lose over Rs 6 crore in massive stock broking scam linked to Assam

Cyberabad police have confirmed that residents of Hyderabad have lost more than Rs 6 crore in connection with a multi-crore stock broking scam originating from Assam. The fraud, allegedly orchestrated by DB Stock Broking based in Guwahati, is estimated to have swindled investors out of Rs 7,000 crore nationwide.

The local investigation was sparked by a complaint from Shamai Panchakshar, a 37-year-old tech professional from Manikonda. Panchakshar reported that he had invested ₹11 lakh in DB Stock Broking, lured by the promise of high returns. However, he neither received the promised returns nor his principal amount.

K Prasad, Deputy Commissioner of Police for Cyberabad's Economic Offences Wing (EOW), revealed that approximately 10-12 Hyderabad residents had invested substantial sums in the fraudulent scheme. "We have registered cases of criminal breach of trust, cheating, and invoked Section 5 of the Telangana Protection of Depositors of Financial Establishments Act," Prasad said. "We are collaborating with Assam authorities to expedite the investigation."

The scam's alleged mastermind, Deepankar Barman, director of DB Stock Broking, remains at large after fleeing Guwahati in August 2024. Barman and three associates are accused of luring investors with unrealistic promises, including 120% returns in a year and 54% returns in just six months.

DB Stock Broking, which began operations in 2018, gained notoriety for its seemingly lucrative schemes. The company's collapse in July 2024 left investors across India, including those in Hyderabad, facing significant financial losses.