SEBI Imposes Ban On Arshad Warsi, 58 Others Form Markets Over Alleged Pump-And-Dump Scheme
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Sebi has unveiled a stock manipulation scheme involving Sadhna Broadcast, with allegations pointing towards the use of WhatsApp messages to coordinate the scheme
SEBI
The Securities and Exchange Board of India (SEBI) has uncovered a stock manipulation scheme involving Sadhna Broadcast Ltd (SBL), coordinated through WhatsApp messages. The regulator has taken strict action against several individuals, including actor Arshad Warsi, for their alleged roles in the scheme.
Gaurav Gupta emerged as the biggest beneficiary, reportedly making Rs 18.33 crore through the scheme, while Sadhna Bio Oils Pvt. Ltd gained Rs 9.41 crore. SEBI has ordered the recovery of these illegal profits as part of its enforcement measures.
SEBI has imposed penalties including a Rs 5 crore fine on Manish Mishra, and Rs 2 crore fines on individuals like Gaurav Gupta. Jatin Manubhai Shah was fined Rs 1 crore. These actions form part of SEBI's wider crackdown on financial fraud.
The scheme involved a classic 'pump and dump' tactic, using misleading YouTube videos to inflate SBL's share price before promoters sold their holdings. SEBI's investigation, covering March 8 to November 30, 2022, revealed a paid marketing campaign spreading false content to lure investors.
Arshad Warsi, along with his wife and brother, has been barred from the securities market for one year. SEBI found Warsi was involved in the scheme and communicated with Manish Mishra, the key orchestrator, despite Warsi's claims of being unaware of stock market details.
SEBI also identified five YouTube channels—The Advisor, Midcap Calls, Profit Yatra, Moneywise, and India Bullish—as involved in spreading misleading information to promote SBL fraudulently.
WhatsApp chats showed an intention to transfer Rs 25 lakh each to Warsi and his family members, highlighting the coordinated nature of the scheme.
SEBI's final order includes a five-year market ban for seven individuals and a one-year ban for 54 others, underscoring the gravity of the offenses. The regulator's actions demonstrate its commitment to protecting market integrity.
Along with fines, SEBI has directed the recovery of Rs 1.05 crore from Warsi and his family, sending a strong message against fraudulent activities in the capital markets.
First Published:
May 30, 2025, 12:10 IST
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