Bad news for Arshad Warsi, his wife as they get banned from…, fined Rs 5 lakh each for…

Bollywood actor Arshad Warsi is a well-known, versatile actor who started his journey as a dance choreographer and later found a chance in acting, which became a huge opportunity for him. Over the years, Arshad has impressed audiences with his performances in both comedy and serious roles, earning a strong fan following. However, this time Arshad has landed into serious trouble that is associated with the share market.

Arshad Warsi and Wife Banned By…

In a major action, SEBI (Securities and Exchange Board of India) has banned Arshad, his wife Maria Goretti, and 57 other people from taking part in the stock market. This ban is for one to five years, depending on their role in the case. The issue is linked to a scam involving Sadhna Broadcast Ltd.

As per reports, SEBI found that some YouTube channels had posted fake videos to trick people into buying shares of the company. The videos claimed that big companies like the Adani Group were planning to buy Sadhna Broadcast or invest huge money in it. These false claims made the share prices go up quickly. Once the prices were high, the people involved sold their shares to make big profits. This type of fraud is called a “pump-and-dump” scheme.

Arshad and His Wife to Pay…

According to Hindustan Times, on May 29, SEBI published a long 109-page report that shed light on the entire scheme. The time frame for SEBI’s probe is March 8, 2022, to November 30, 2022. As per their findings, shares of Sadhna Broadcast were manipulated during this time.

Arshad Warsi and his wife were named as volume creators, which means that they bought and sold shares when the false videos were posted. Arshad reportedly made around Rs 29.43 lakh, while Maria made about Rs 37.56 lakh. SEBI fined them Rs 5 lakh each and has asked them to return the money they earned illegally, with 12% interest per year.

In total, 59 people were found guilty in this scam, including the promoters of Sadhna Broadcast, as they made illegal profits of over Rs 58 crore. SEBI has given out penalties between Rs 5 lakh and Rs 5 crore, depending on how much each person has earned from this scam.

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