Online trading scam: Deepankar Barman remanded to seven-day police custody for further probe

Syllad | The Rising MeghalayaOctober 30, 2024

Deepankar Barman, the proprietor of DN Stock & Consultancy and key figure in a multi-state fraud involving over Rs 7,000 crore, was remanded to seven days of police custody on Wednesday.

He was brought back to the city on Tuesday night after a 71-day disappearance.

The District & Sessions Judge, Kamrup Metro, ordered his remand following his initial presentation before the Chief Judicial Magistrate (CJM), who referred the case to the higher court due to the severe penalties involved, potentially exceeding 10 years.

Barman was arrested near Goa’s Arambol Bridge on October 27 by a city police team led by Panbazar ACP Amrit Mahato. He faces new charges under the Banning of Unregulated Deposit Schemes (UDS) Act, 2019, filed at Paltaanbazar police station (case no. 374/2024), while his earlier case (no. 288/2024) was transferred to the Central Bureau of Investigation (CBI).

Apart from Assam, police from six other states are expected to seek Barman’s custody due to significant investments in DN Stock & Consultancy by residents from those regions.

Assam’s Director General of Police (DGP), GP Singh, indicated that investors might regain some funds through the UDS Act, which provides for the seizure and liquidation of assets in fraudulent schemes. A dedicated committee will oversee asset liquidation, directing proceeds towards compensating affected investors who can verify their claims. Singh’s statement has given investors a glimmer of hope for partial recovery, pending a full investigation and the asset liquidation process.