GUWAHATI: After 71-day disappearance, Dipankar Barman, proprietor of DB Stock & Consultancy, who was brought back to the city on Tuesday night, was remanded to a seven-day police custody on Wednesday, October 30 by the District & Sessions Judge, Kamrup Metro.
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Barman, implicated in a multi-state fraud estimated at over Rs 7,000 crore, was caught by a city police team led by Panbazar ACP Amit Mahato near the Arambol Bridge in Goa on October 27.
He was initially produced before the Chief Judicial Magistrate (CJM), who then referred the case to the District and Sessions Judge due to the gravity of the charges, which carry a penalty of more than 10 years. A new case has been registered against him under the Banning of Unregulated Deposit Schemes (UDS) Act, 2019, at Paltanbazar police station (case no. 374/2024). His first case, numbered 288/2024, was previously transferred to the Central Bureau of Investigation (CBI) for further investigation.
In addition to Assam, law enforcement agencies from six other states are expected to seek custody of Dipankar Barman, as a large number of investors from these regions had invested substantial amounts in his company, DB Stock & Consultancy.
Many of these investors are hopeful of recovering their money after Assam's Director General of Police (DGP), GP Singh, announced that provisions under the UDS Act may offer partial financial recourse while the investigation and asset liquidation process continues.
DGP Singh explained that the UDS Act allows for seized assets from fraudulent schemes to be liquidated, with the proceeds directed toward compensating defrauded investors, provided they can substantiate their claims. A committee will be formed to manage the liquidation of Barman’s assets and to ensure that affected investors receive equitable compensation. This potential for financial recovery has offered some reassurance to investors, pending the completion of the full investigation.
A young woman, who invested Rs 1.55 lakh in DB Stock & Consultancy across two schemes, expressed hope of recovering her money following statements from DGP GP Singh about potential financial recourse. "I invested Rs 1 lakh in a yearly scheme with a promised 120% return, and Rs 55,000 in a monthly scheme promising 35% return. I was told that the money would be invested in the stock business," she shared, speaking anonymously.
She recounted that she invested in August and received the first monthly installment. However, by the second installment, the scam was exposed. When she visited the company’s office in September, located at Bora Service, she saw a crowd of investors seeking their returns.
“Dipankar Barman was personally distributing cash due to issues with their online system, but funds ran out before my turn,” she said and recalled being told to return the next day. Later, the company sent a message claiming investors would receive 3% compound interest on their principal and accrued profits.
Since then, Dipankar has vanished, leaving investors uncertain about their funds. She mentioned that her initial investment was influenced by a family member’s positive experience, as he had invested Rs 10 lakh with DB Stock & Consultancy and earned high returns.