Hi Shishir,
Please see my response in How to disable statistics in stardog 7.0.1 - #7 by pavel
I believe your problem is the same but, unfortunately, it may take longer to load Freebase since it's a very large dataset. The main issue is that it's very diverse in terms of the number of distinct relations and how they compose in the graph. That creates problems for statistics. You may try to load it partially, i.e. not everything but what your project needs, with data add and index.statistics.update.automatic=false, as explained in the other thread.
We will look at it more closely before the next release, the issue number is #7959, you may look it up in the release notes.
Best,
Pavel