Guwahati Oct 9: The Central Bureau of Investigation (CBI) is officially set to take over 41 online stock trading fraud cases in Assam following a gazette notification published by the Central government on Tuesday.
Assam Chief Minister Himanta Biswa Sarma disclosed this development on his X handle, confirming the transfer of the cases from the state’s Crime Investigation Department (CID), which has already arrested more than 58 individuals in connection with the scam.
The decision to hand the investigation over to the CBI was approved by the Assam state cabinet on September 13. The CID had been investigating the cases and making significant arrests before the state requested the CBI’s involvement to ensure a more comprehensive and fair investigation.
Sarma highlighted that the central government swiftly accepted the request, instructing the CBI to take over under Section 3 of the Delhi Special Police Establishment Act, 1946. He emphasized the state’s commitment to ensuring a just resolution and stringent punishment for those involved.
The scam, first uncovered in August after an individual named Dipankar Barman disappeared after allegedly collecting ₹7,000 crores from investors, involved multiple persons operating separately across the state. Promising high returns from online stock trading, these individuals duped people of thousands of crores. In response, the CID formed a special task force (STF), registered 32 cases, and arrested at least 60 individuals connected to the fraud.
A recent notification by the Department of Personnel and Training (DoPT) officially extended the powers of the Delhi Special Police Establishment to Assam, allowing the CBI to investigate offences involving Central government employees and private individuals. However, the investigation of state government employees requires written permission from the state government.
Assam has been shaken by three major financial frauds in which thousands of investors were deceived by different stock broker groups operating illegally without valid licenses from the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI). These scams have exposed vulnerabilities in Assam’s financial landscape, despite the state having only 1.1% market potential in the stock market.
One of the most significant frauds involves a broker group named DB Stock Broking, led by Deepankar Barman, who allegedly defrauded an astounding ₹7,000 crore from investors. Barman’s fraudulent activities were conducted under the guise of offering high returns from stock trading. Still, he disappeared after collecting massive sums of money, triggering a wave of complaints and investigations.
In addition to DB Stock Broking, two other broker groups have also been implicated in duping thousands of investors. These groups promised high returns through illegal forex trading, further exacerbating the financial losses suffered by the victims. The combined operations of these fraudulent brokers have led to massive economic damage and a breach of trust among the state’s investors.
