Enforcement Directorate Attaches Assets Worth Over Rs 13 Crore in Major Fraud Case
In a significant crackdown on financial fraud, the Enforcement Directorate (ED) has provisionally attached assets valued at over Rs 13 crore belonging to Dipankar Barman, an accused in a high-profile unregulated deposit scheme case. The attached properties include immovable assets worth more than Rs 8 crore located in Guwahati, Hyderabad, and Visakhapatnam.
Details of the Attached Assets
The ED, in an official statement, revealed that the total value of the provisionally attached assets stands at Rs 13.41 crore. This substantial amount comprises immovable properties valued at Rs 8.71 crore and movable properties worth Rs 4.70 crore.
The immovable assets include:
- 13 distinct properties such as flats, land parcels, and office spaces strategically located across Guwahati, Hyderabad, and Visakhapatnam.
The movable assets consist of:
- 27 bank accounts containing a balance of Rs 404 crore
- Mutual fund and equity investments totaling Rs 66 lakh
Background of the Fraud Case
Dipankar Barman, the owner of DB Stock Consultancy, stands accused of orchestrating a massive financial fraud that cheated and defrauded over 15,000 individuals of approximately Rs 400 crore. The fraudulent scheme operated between 2021 and August 2024, primarily from Guwahati.
The accused allegedly lured investors with false assurances of fixed high returns, promising unusually attractive rates ranging from 1.25% weekly to an astonishing 120% annually. Through sophisticated promotional tactics including events at educational institutions, organized WhatsApp groups, and strategic word-of-mouth referrals, Barman managed to induce approximately 15,507 investors from across India to deposit approximately Rs 400.14 crore into his schemes.
Investigation and Legal Proceedings
The ED initiated its investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on a First Information Report (FIR) filed on August 21, 2024, at the Paltan Bazar Police Station in Guwahati. The case gained further momentum when the Central Bureau of Investigation (CBI) re-registered it in October of the same year under various charges of the Bharatiya Nyaya Sanhita (BNS), 2023, and the Banning of Unregulated Deposit Schemes Act, 2019.
Barman, who remained absconding for approximately four months, was eventually detained from Goa in 2024. Following his detention, he was arrested by Assam police and subsequently by the CBI in April 2025, marking a significant breakthrough in the investigation.
Nature of the Fraudulent Scheme
The investigation uncovered that DB Stock Consultancy operated what authorities have described as a classic Ponzi scheme. In this fraudulent model, payments to earlier investors were systematically made from funds collected from subsequent investors, creating an illusion of legitimate returns.
Critical findings from the investigation revealed that the firm had no sustainable business model capable of generating the assured returns promised to investors. Furthermore, the entity was neither registered as a Non-Banking Financial Company (NBFC) nor authorized by the Reserve Bank of India (RBI) to accept public deposits. This operation directly contravened provisions of the RBI Act, 1934, and the Banning of Unregulated Deposit Schemes Act, 2019.
The ED's media release emphasized that the firm operated five distinct schemes, all promising unrealistically high returns that ultimately proved unsustainable. The case highlights the ongoing challenges in regulating unregulated deposit schemes and the importance of investor vigilance in financial markets.
