The Central Bureau of Investigation (CBI) on Sunday arrested Pushpajit Purkayastha and Sandeep Gupta from Guwahati for their alleged “significant involvement” in the M/s DB Stock Consultancy scam, which was “operated” by accused mastermind Deepankar Barman, arrested from Goa in October.

Barman, owner of DB Stock Consultancy, is accused of defrauding over 10,000 people across the country of more than ₹400 crore by luring them into an unregulated deposit scheme with false assurances of high fixed returns and subsequently defaulting on the payments, the CBI said in a statement.

Purkayastha, a former Branch Manager of Axis Bank’s Rehabari Branch in Guwahati, allegedly colluded with DB Stock to solicit public deposits using misleading promises of lucrative returns, the agency said on Monday.

The CBI investigation revealed that Purkayastha conspired with Barman to target bank customers and investors, particularly in Mumbai and Guwahati, abusing his position to facilitate the fraudulent activities.

Sandeep Gupta, identified as the main agent and aggregator for DB Stock, allegedly managed clients primarily in Dibrugarh, referring over 350 customers and collecting funds from them through false assurances of high returns.