Bollywood Actor and Wife Banned: SEBI Cracks Down on Stock Market Scam
SEBI has banned Arshad Warsi, his wife Maria Goretti, and 57 others from the securities market for up to five years due to involvement in a misleading YouTube scheme related to Sadhna Broadcast shares. The entities are directed to return unlawful profits, implicated in stock manipulation and deceitful promotions.
- Country:
- India
The Securities and Exchange Board of India (SEBI) has implemented a significant crackdown on illegal market activities involving Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other individuals. This action arises from their involvement in disseminating misleading videos that promoted Sadhna Broadcast shares on YouTube.
SEBI's investigation reveals that the involved parties engaged in a coordinated scheme that inflated the prices of Sadhna Broadcast shares, mislead potential investors, and subsequently offloaded these shares. Penalties range from Rs 5 lakh to Rs 5 crore, with Arshad Warsi and his wife receiving a one-year market ban.
The market regulator found masterminds, including Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, executed this manipulative scheme. SEBI has ordered disgorgement of Rs 58.01 crore in unlawful gains. The detailed investigation highlights a classic pump-and-dump strategy aimed at exploiting retail investors.
(With inputs from agencies.)
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