ED attaches assets worth Rs 13cr linked to ‘fraudster’ in deposit scheme case

Guwahati: The Enforcement Directorate has attached assets worth over Rs 13 crore, including immovable properties valued at over Rs 8 crore in Guwahati, Hyderabad and Visakhapatnam, belonging to Dipankar Barman, an accused in an unregulated deposit scheme case.

Barman is accused of cheating and defrauding over Rs 400 crore by luring over 15,000 people to invest in a fraudulent unregulated deposit scheme with false assurances of fixed high returns, and subsequently defaulting on these deposits.

The accused, owner of DB Stock Consultancy, was detained from Goa in 2024 after he remained absconding for about four months. He was subsequently arrested by Assam police and later by the CBI in April 2025.

In a statement, the ED stated that the assets, valued at Rs 13.41 crore, which have been provisionally attached, comprise immovable properties worth Rs 8.71 crore and movable properties worth Rs 4.70 crore. The immovable assets include 13 properties such as flats, land, and office spaces in Guwahati, Hyderabad, and Visakhapatnam. The movable assets include 27 bank accounts with a balance of Rs 404 crore and mutual fund or equity investments worth Rs 66 lakh.

The ED initiated an investigation under the Prevention of Money Laundering Act (PMLA), 2002, based on an FIR filed on Aug 21, 2024, at the Paltan Bazar Police Station in Guwahati. The case was subsequently re-registered by the CBI in Oct of the same year under various charges of the Bharatiya Nyaya Sanhita (BNS), 2023, and the Banning of Unregulated Deposit Schemes Act, 2019.

The directorate stated that the investigation revealed that DB Stock Consultancy, a proprietorship firm owned by Barman, operated an unregulated deposit scheme from Guwahati between 2021 and Aug 2024.

“The firm collected deposits from the public under five schemes promising unusually high returns ranging from 1.25% weekly to 120% annually. Through promotional events at educational institutions, WhatsApp groups, and word-of-mouth referrals, the accused induced approximately 15,507 investors across India to deposit approximately Rs 400.14 crore,” the ED stated.

It further stated that the accused operated a classic Ponzi scheme, wherein payments to earlier investors were made from funds collected from subsequent investors. “The firm had no sustainable business model capable of generating the assured returns promised to investors. The entity was neither registered as an NBFC nor authorised by RBI to accept public deposits, thereby operating in direct contravention of provisions of RBI Act, 1934, and the Banning of Unregulated Deposit Schemes Act, 2019,” it stated in the media release.