Actor Arshad Warsi's clarification after SEBI's ban, appeals to people on Twitter

arshad warsi and his wife Maria Goretti and others have been accused of rigging the prices of shares of two companies by uploading videos on a YouTube channel. Sebi on thursday banned 45 people, including arshad warsi, his wife Maria and some promoters of Sadhna Channel, from trading in the securities market.

Actor arshad warsi has come clean after the market regulator SEBI imposed a ban. Arshad requested people on twitter not to believe everything they hear. The actor said that he and his wife Maria Goretti have no knowledge of the stock market.

He tweeted, please don't believe whatever news you are reading. Maria and I have zero knowledge of shares. Invested in Saradha after taking advice and like many others we lost all our hard earned money.

arshad warsi and his wife Maria Goretti and others have been accused of rigging the prices of shares of two companies by uploading videos on a YouTube channel. Sebi on thursday banned 45 people, including arshad warsi, his wife Maria and some promoters of Sadhna Channel, from trading in the securities market.

The Securities and Exchange Board of india (SEBI) found in its investigation that these people were recommending investors to buy shares of Sadhna Broadcast and Sharpline Broadcast by posting a misleading video on a YouTube channel. Apart from banning 45 people including Arshad, SEBI has also ordered confiscation of 54 crores earned illegally after posting misleading videos on YouTube channel. They have also been told not to sell any of their assets till further orders. After the misleading video, the number of shareholders of both the companies suddenly increased.

Manish Mishra, anshu Mishra, deepak Dwivedi, Jatin Shah, Helly Shah, Daivik Shah, Angad Rathod, Purav Patel, Subhash Agarwal, Gaurav Gupta, pooja Agarwal, varun Media, Rakesh Gupta and others.

The regulator probed the matter during April-September, 2022. It found that there was a tremendous jump in the prices and volumes of the shares between April, 2022 and July, 2022. In mid-July, these misleading videos about Sadhna's shares were uploaded on the YouTube channels of 'The Advisor and Moneywise'. Similar videos regarding Sharpline were also uploaded on Midcap Calls & Profit yatra channel in May, 2022.

In two separate interim orders, Sebi said, these videos spread false and misleading news so as to advise investors to buy shares of Sadhna Broadcast and Sharpline Broadcast for extraordinary profits. The volume in these shares is contributed by a large number of retail investors, who are likely influenced by the misleading video. During this period, some of the promoters and key management of Sadhna booked profits by selling a significant portion of their stake at inflated prices.

arshad warsi made a profit of Rs 29.43 lakh and his wife Rs 37.56 lakh in the Sadhna case. Irshad Hussain Warsi earned 9.34 lakhs. All three were artificially inflating the volumes in the shares.

Misleading videos on channels claimed that adani Group was buying Sadhna Broadcast. The company's margin will increase after the deal. The second video claimed that the company is moving towards film production. A major American investor has signed a deal worth Rs 1,100 crore to produce four religious films.