DB Stock Broking Fraud: Software Engineers Lose Rs 7 Crores

Manikonda: In a shocking fraud which came to fore, an investment scheme allegedly defrauded dozens of software professionals out of over seven crore rupees. The case came to light on September 23, 2024, and exposed the vulnerabilities of tech-savvy individuals to financial exploitation. Based on the complaint from a victim, Cyberabad police booked a case and launched an investigation.

At the center of the scandal is DB Stock Broking Consultancy, a company that promised eye-popping returns and lured unsuspecting investors with investment schemes: Scheme A: Yearly (120%), Scheme B: Half Yearly (54%), Scheme C: Quarterly (24%), and Scheme D: Monthly (7%). The firm’s owner, Deepankar Barman, reportedly absconded, leaving devastated investors in Guwahati, Assam.

Investment scheme collapses, leaving dozens devastated

“I invested my life savings, believing in the promise of financial growth,” said a 37-year-old software employee who lost Rs 11 lakh in the scheme. “Now, I’m left with nothing but broken dreams and mounting debts,” he said. “I started my investment in the company from 22nd April 2024, and haven’t received any interest or the principal amount of Rs 11 lakh from DB stock company,” explained the complaint.

Ed Hyderabad Foils Conman’s Pmla Extortion Scheme

ED Hyderabad foils conman’s extortion attempt to exploit PMLA accused

“As per my knowledge, the details of investors and total amount invested is over 7 crores, with more investors from both Telugu states who were unable to come and complain,” said the complainant.

The case revealed sophisticated methods used by fraudsters to target tech professionals. DB Stock Broking Consultancy operated. The victims invested between 30 lakhs and 95 lakhs rupees. Many received initial interest payments, a tactic used in Ponzi schemes to build trust and encourage larger investments.

Cyberabad police booked a case under BNS sections and the Telangana Protection of Depositors of Financial Establishments Act 1999. The Cyberabad Police advised the public about online investment scams that collect deposits for high returns in a short time.