CBI Arrests Former Axis Bank Manager and Agent in Rs 400 Crore DB Stock Fraud

Guwahati:The Central Bureau of Investigation (CBI) has arrested two individuals in Guwahati in connection with the ₹400 crore DB Stock Consultancy scam. The accused are Pushpajit Purkayastha, a former branch manager at Axis Bank's Rehbari Branch, and Sandeep Gupta, a key agent associated with the fraudulent scheme.​Investigations revealed that Purkayastha misused his position at Axis Bank to lure customers into investing in DB Stock Consultancy's unregulated deposit schemes, promising high and assured returns. He managed clients from both Guwahati and Mumbai, earning substantial illegal commissions for his role.​Gupta, identified as the main agent and aggregator for DB Stock Consultancy, referred over 350 clients, primarily from Dibrugarh, convincing them to invest based on false promises. He received significant commissions for the deposits collected through his network.​The scam, orchestrated by Deepankar Barman, involved defrauding over 10,000 individuals across India by promoting a bogus and unregulated deposit scheme. Victims were lured with assurances of fixed high returns, only to be left in the lurch as the firm defaulted on repayments. ​The CBI has already filed chargesheets against Barman, his fiancée Monalisha Das, his parents Chabin and Deepali Barman, and Chartered Accountant Mukesh Agarwal. The investigation is ongoing, with further arrests anticipated.​