Share market regulator SEBI (Securities and Exchange Board of India) has banned bollywood actor arshad warsi, his wife Maria Goretti and 57 other entities from the security market for 1-5 years. They were advised to buy shares of Sadhna Broadcast through YouTube channels.
Arshad and his wife made illegal earnings
They are accused of misleading stock market investors and making illegal earnings of lakhs of rupees. SEBI's investigation found that arshad warsi has made a profit of Rs 41.70 lakh and his wife has made a profit of Rs 50.35 lakh from this scheme. For this, a fine of Rs 5 lakh each has also been imposed on both of them. SEBI has also imposed a fine of Rs 5 lakh to Rs 5 crore on 57 other entities including the promoters of Sadhna Broadcast (now Crystal business System Limited). SEBI says that all of them together have earned a total of Rs 58.01 crore illegally, so now they will have to return the entire amount with 12 percent interest.
These are the masterminds of this entire operation
SEBI's investigation also revealed that the masterminds behind this entire operation were Gaurav Gupta, Rakesh Kumar Gupta and manish Mishra. SEBI's 109-page final report also said that Subhash Agarwal, who was a director in the registrar company of Sadhna Broadcast Limited, played the role of mediator between manish Mishra and the promoters. SEBI says that these people together planned the scheme to mislead investors. Apart from this, the market regulator also found that piyush Agarwal and lokesh Shah gave manish Mishra and the promoters of SBL the use of their accounts for manipulation.
The whole game was played in two phases
Jatin Shah also played a big role in executing this scheme. This whole game was carried out in two phases. In the first phase- investors associated with the promoters used to trade among themselves. This gradually increased the price of the shares. Due to low liquidity of the shares, even low volume trading affected the price.
In the second phase- promotional videos run by manish Mishra were uploaded on YouTube channels like Moneywise, The Advisor, and Profit Yatra. In these videos, investment in Sadhna Broadcast was made a better opportunity. Artificial activities matching the market were also shown in them, so that investors are attracted. Let us tell you that.jpg)
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