WHAT! Arshad Warsi And His Wife BANNED From The Stock Market Over YouTube Scam; Actor Tweets, ‘My Knowledge About It Is Zero’
Arshad Warsi and his wife Maria Goretti, were banned by the SEBI after they uploaded false and misleading videos, recommending investors to buy shares of particular companies
Bollywood actor Arshad Warsi and his wife Maria Goretti have found themselves in a soup among 45 other individuals and companies. According to reports doing rounds, on Thursday the Securities and Exchange Board of India (SEBI) banned them from participating in the securities market. NDTV reports that certain individuals have posted misleading and false videos on YouTube recommending investors to buy shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for extraordinary profits.
SEBI has confiscated illegal gains worth ₹54 crore made by the misleading videos, The media publication states that there are two separate interim orders detailing the investigation’s finding. NDTV reports that as per the order, Warsi has earned a profit of ₹29.43 lakh, Goretti has made a profit of ₹37.56 lakh and Iqbal Hussain Warsi has made a profit of ₹9.34 lakh. They have been classified as the volume creators by SEBI, among many others.
The 54-year-old actor took to social media to issue a clarification on the matter, however was brutally roasted by the netizens for his poor choice of words. Many even gave him advice on how to invest as he seems to have zero knowledge about it. Taking to Twitter, Arshad wrote, “Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many other, lost all our hard earned money.”
Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many other, lost all our hard earned money.— Arshad Warsi (@ArshadWarsi) March 2, 2023
For the unversed, the investigation of the matter began after SEBI received complaints of companies and individuals engaging in price manipulation and “offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd.” They conducted an examination from April 2022 to september 2022 and found out that there had been a significant increase in the volume and price of the shares between April to mid-July.
SEBI has now barred the 45 entities from "from buying, selling, or dealing in securities either directly or indirectly, in any manner whatsoever until further orders." They have also been directed not to “dispose of any assets, including money in bank accounts, without prior permission from SEBI until the impounded amount is deposited in the escrow account.”
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