Arshad Warsi’s troubles have just begun. The Bollywood actor, along with his wife Maria Goretti and 57 others, have been banned from trading in the stock market by the Securities and Exchange Board of India (SEBI). This comes after an investigation revealed their involvement in a “pump and dump” scheme, which deceived investors and made them lose big.
SEBI’s probe found that the group artificially inflated stock prices, then sold them at a high price, making a killing in the process. The scam targeted companies like Sadhana Broadcast and Sharpeline Realty. Arshad Warsi and his wife Maria Goretti made a whopping 41.70 lakhs and 50.35 lakhs respectively from this illicit activity. They have been ordered to return the amount with a 12% annual interest.
The scam is estimated to have made 58.01 crores in illegal profits. SEBI has ordered all accused to return the amount with interest. Arshad Warsi and his wife have also been fined 5 lakhs each, while other accused face fines ranging from 5 lakhs to 5 crores.
Investigations revealed that fake and misleading videos were uploaded on YouTube channels, luring investors into buying these stocks. The masterminds behind this racket, Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, have been identified, along with others like Piyoosh Agarwal and Lokesh Shah.
This scam has left many investors in the lurch, and SEBI’s crackdown serves as a warning to those involved in such activities. Arshad Warsi’s reputation has taken a hit, and it remains to be seen how he will bounce back from this controversy.
Key accused in the scam
- Arshad Warsi
- Maria Goretti
- Gaurav Gupta
- Rakesh Kumar Gupta
- Manish Mishra
- Piyoosh Agarwal
- Lokesh Shah
Companies targeted in the scam
- Sadhana Broadcast
- Sharpeline Realty