ED Attaches ₹13.41 Crore Assets in DB Stock Consultancy Ponzi Case Under PMLA

The Directorate of Enforcement (ED), Guwahati Zonal Office, has provisionally attached assets worth approximately ₹13.41 crore under Section 5(1) of the Prevention of Money Laundering Act, 2002, in connection with an investigation against M/s DB Stock Consultancy, its proprietor Deepankar Barman, and others.

The investigation was initiated based on an FIR registered by Paltan Bazar Police Station, Guwahati, which was subsequently taken over by the Central Bureau of Investigation. The offences invoked include provisions of the Bharatiya Nyaya Sanhita, 2023, and Section 21 of the Banning of Unregulated Deposit Schemes Act, 2019.

According to the ED, the accused operated an unregulated deposit scheme between 2021 and August 2024, mobilising approximately ₹400.14 crore from around 15,507 investors across India. The firm allegedly offered investment schemes promising abnormally high returns ranging from 1.25% per week to 120% annually. Deposits were solicited through promotional campaigns at educational institutions, WhatsApp groups, and referral networks.

The investigation found that the scheme functioned as a Ponzi structure, where returns to earlier investors were funded through subsequent deposits, without any legitimate underlying business activity capable of generating such returns. The entity was neither registered as a non-banking financial company nor authorised by the Reserve Bank of India to accept public deposits, thereby violating statutory provisions including Section 45S of the RBI Act, 1934.

The scheme reportedly collapsed in August 2024 following a slowdown in fresh inflows, after which the main accused absconded. He has since been arrested by state police and the CBI.

The attached assets include immovable properties valued at approximately ₹8.71 crore across multiple cities, as well as movable assets including bank balances and financial investments amounting to approximately ₹4.70 crore. Further investigation is ongoing.