ED Attaches Rs 13.41 Crore in Assets Linked to Guwahati Ponzi Scheme That Defrauded 15,500 Investors

Staff Reporter

The Enforcement Directorate's (ED) Guwahati Zonal Office has issued a Provisional Attachment Order (PAO) under the Prevention of Money Laundering Act (PMLA), 2002, attaching assets worth approximately Rs 13.41 crore linked to a Ponzi scheme allegedly operated from Guwahati.

The action targets M/s DB Stock Consultancy and its proprietor, Deepankar Barman, along with others connected to the case.

Also Read: CBI Files Supplementary Chargesheet in DB Stock Consultancy Ponzi Scam, Expands Investigation

According to the ED's investigation, DB Stock Consultancy ran an unregulated deposit scheme between 2021 and August 2024, luring investors with promises of unusually high returns — ranging from 1.25% per week to 120% per year.

The firm used promotional events at educational institutions, WhatsApp groups, and word-of-mouth referrals to reach potential investors. In total, approximately 15,507 investors across India were induced to deposit a combined sum of around Rs 400.14 crore.

Investigators found it was a classic Ponzi structure — earlier investors were paid using money collected from newer ones, with no legitimate business model capable of sustaining the promised returns.

The firm was neither registered as a Non-Banking Financial Company (NBFC) nor authorised by the Reserve Bank of India (RBI) to accept public deposits.

This placed it in direct violation of Section 45S of the RBI Act, 1934, and Section 3 of the Banning of Unregulated Deposit Schemes Act, 2019.

The scheme unravelled in August 2024 when fresh deposit inflows began drying up. Deepankar Barman absconded on August 18, 2024, leaving thousands of investors without their principal or promised returns.

He was subsequently arrested — first by Assam Police, and later by the Central Bureau of Investigation (CBI), which re-registered the original FIR from Paltan Bazar Police Station on October 14, 2024, under sections of the Bharatiya Nyaya Sanhita, 2023, and the Banning of Unregulated Deposit Schemes Act.

The ED's provisional attachment covers assets across multiple cities — Guwahati, Hyderabad, and Visakhapatnam. The breakdown is as follows:

Immovable properties — Rs 8.71 crore (approx.)

• 13 properties including flats, land parcels, and office spaces

Movable assets — Rs 4.70 crore (approx.)

• 27 bank accounts holding a balance of approximately Rs 4.04 crore

• Mutual fund and equity investments worth approximately Rs 66 lakh

The ED has confirmed that investigations in the case are ongoing.