Latest news with #ManishMishra
Hans India
15-07-2025
- Hans India
CBI court sends NHAI manager to jail for 4 years in DA case
Jodhpur: A Special CBI Court in Jodhpur sentenced a manager of the National Highways Authority of India (NHAI) to four years of imprisonment with a fine of Rs 41.65 lakh for possessing illegal assets, an official said on Tuesday. Surender Kumar Soni, the then Manager (Technical), NHAI, Chittorgarh, Rajasthan, was convicted for possessing assets disproportionate (DA) to his known sources of income during his tenure. The court, in its decision on July 14, found that the accused had 116 per cent more assets than his known sources of income. The CBI had registered the case against Soni on July 30, 2013. After the completion of the investigation, a chargesheet was filed by the CBI on December 18, 2014, against the accused before the Special CBI Judge. In a separate case, CBI booked two NHAI engineers, a resolution board member of the Authority and five others, including builders and a middleman, over bribes of more than Rs 10 lakh linked to doctoring of the quality audit report of a road project in Jharkhand. The CBI booked two NHAI Deputy Managers and a retired engineer empanelled as a Dispute Resolution Board (DRB) Member by the Authority for bribes in lieu of furnishing a favourable Quality Audit Report (QAR) to a group of contractors working on the Rs 818 crore project for widening National Highway-75 in Jharkhand. A Quality Audit Team assessed the project executed by a number of contractors and sub-contractors, with Dineshchandra R. Agrawal Infracon being in the lead, between June 26 and June 30, the FIR said. The FIR accused the NHAI representatives of indulging in the corrupt practice of accepting and/or conspiring to take illegal gratification, in lieu of furnishing favourable QAR for inspection of the Package-III project in Ranchi, Jharkhand, from Manish Mishra, Chief Operating Officer, M/s Bharat Vanijya Eastern Private Limited (BVEPL). According to source information received by the federal agency, Rakesh Bhasin, empanelled as Dispute Resolution Board (DRB) Member, NHAI, and retired Chief Engineer, Military Engineering Service, was supposed to be paid a bribe of Rs 4 lakh at his residence in Jaipur while NHAI's Deputy Manager Swatantra Gaurav's Gurugram-based friend Dheeraj collected Rs 5 lakh on his behalf. A bribe of Rs 1 lakh was to be delivered to another NHAI Deputy Manager, Vishwajeet Singh, on the instruction of Manish Mishra, said the FIR. The CBI FIR registered on July 12 said, 'The above acts of obtaining and accepting undue advantage by the said public servants, private persons and unknown officials of NHAI are disclosing offences punishable under Sections 7, 7A, 8, 9, 10 and 12 of the Prevention of Corruption Act, 1988 (as amended in 2018) and 61(2) of Bharatiya Nyaya Sanhita (BNS), 2023. Hence, a regular case is registered…'
Hans India
14-07-2025
- Hans India
NHAI scam: CBI books 2 engineers, builders for doctoring road quality reports
Exposing a massive cash-for-quality audit report scam in NHAI, the CBI booked two engineers, a resolution board member of the Authority and five others, including builders and a middleman, over bribes of more than Rs 10 lakh linked to a project in Jharkhand, an official said on Monday. The CBI booked two National Highways Authority of India (NHAI) Deputy Managers and a retired engineer empanelled as Dispute Resolution Board (DRB) Member by the Authority for bribes in lieu of furnishing favourable Quality Audit Report (QAR) to a group of contractors working on the Rs 818 crore project for widening National Highway-75 in Jharkhand. A Quality Audit Team assessed the project executed by a number of contractors and sub-contractors with Dineshchandra R. Agrawal Infracon being in the lead, between June 26 and June 30, the FIR said. The FIR accused the NHAI representatives of indulging in the corrupt practice of accepting and/or conspiring to take illegal gratification, in lieu of furnishing favourable QAR for inspection of Package-III project in Ranchi, Jharkhand, from Manish Mishra, Chief Operating Officer, M/s Bharat Vanijya Eastern Private Limited (BVEPL). According to source information received by the federal agency, Rakesh Bhasin, empanelled as Dispute Resolution Board (DRB) Member, NHAI, and retired Chief Engineer, Military Engineering Service, was supposed to be paid a bribe of Rs 4 lakh at his residence in Jaipur while NHAI's Deputy Manager Swatantra Gaurav's Gurugram-based friend Dheeraj collected Rs 5 lakh on his behalf. A bribe of Rs 1 lakh was to be delivered to another NHAI Deputy Manager Vishwajeet Singh on the instruction of Manish Mishra, said the FIR. The CBI FIR registered on July 12 said, 'The above acts of obtaining and accepting undue advantage by the said public servants, private persons and unknown officials of NHAI are disclosing offences punishable under Sections 7, 7A, 8, 9, 10 and 12 of the Prevention of Corruption Act, 1988 (as amended in 2018) and 61(2) of Bharatiya Nyaya Sanhita (BNS), 2023. Hence, a regular case is registered…' The provisions mentioned in the FIR deal with criminal conspiracy and the offence of a public servant being bribed or attempting to obtain any undue advantage,
Time of India
31-05-2025
- Business
- Time of India
Pump & dump: Sebi bans actor Warsi, wife
Photo/Agencies MUMBAI: Sebi on Friday banned 59 entities, including actor Arshad Warsi , his wife Maria Goretti, from the market for up to 5 years. The move is related to misleading videos on YouTube channels - like Moneywise, The Advisor and Profit Yatra - luring investors to buy TV channel Sadhna Broadcast's shares. The markets regulator fined the couple Rs 10 lakh, and they will have to disgorge illegal gains worth Rs 92 lakh from the stock price manipulation. Warsi and his wife Goretti played a role in promoting the stock of Sadhna (now Crystal Business System) through videos on YouTube, which were uploaded by one of the masterminds of the scheme. In its 109-page order, Sebi whole-time member Ashwani Bhatia stated that the way the whole incident played out painted "a disturbing picture regarding the increasing use of social media platforms, which have immense reach and influence in the digital age, as tools for market manipulation". Sebi ordered disgorgement of illegal gains totalling about Rs 58 crore and imposed fines of up to Rs 5 crore on the entities. The overall conduct of the people involved in the scheme revealed a classic pump-and-dump scheme, the report said. "The price was systematically pushed upward through collusive trading, followed by aggressive promotional activity to draw in retail investors, and finally, a coordinated sell-off by the promoters. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch CFD với công nghệ và tốc độ tốt hơn IC Markets Đăng ký Undo Retail investors, misled by this staged market activity, were left holding the shares at distorted valuations once the manipulators, including the promoters, exited," the report said. Sebi found that three individuals, Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, were the masterminds. Subhash Aggarwal, a director with Skyline Financial Services, the registrar & transfer agent of Sadhna Broadcast, was the middleman. These individuals "were the central characters who planned and executed the manipulative scheme", Sebi said. Modus Operandi: First, the entities executed trades among themselves to steadily inflate the price of the scrip and create a false appearance of market interest. Second, misleading promotional videos were disseminated across YouTube channels operated by Manish Mishra. Stay informed with the latest business news, updates on bank holidays and public holidays . AI Masterclass for Students. Upskill Young Ones Today!– Join Now
Gulf Today
30-05-2025
- Business
- Gulf Today
SEBI bans Bollywood star Arshad Warsi, wife, 57 others from securities markets for up to 5 years
Markets regulator the Securities and Exchange Board of India (SEBI) on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from the securities markets for periods ranging from 1-5 years. The regulator imposed a fine of Rs 5 lakh each on Warsi and his wife, Maria. The decision came in a case related to misleading videos on YouTube channels recommending investors to buy shares of Sadhana Broadcast. SEBI found that Arshad Warsi had made a profit of Rs41.70 lakh and his wife earned a profit of Rs50.35 lakh. "It is noted that Arshad Hussain Warsi in his statement recorded before SEBI on June 27, 2023, stated that apart from placing trades in his own account, he was also trading from the accounts of his wife (Noticee 61) and brother (Noticee 62). It is further noted from the submissions of Noticee 60 that Aahuti Mistry acted as the manager of Arshad Warsi,' according to the SEBI order. SEBI also levied penalties in the range of Rs 5 lakh to Rs 5 crore on 57 other entities, including promoters of Sadhana Broadcast (now Crystal Business System Ltd). Apart from the debarment, SEBI also directed these entities to disgorge total unlawful gains of Rs 58.01 crore along with 12% interest per annum from the end of the investigation period till the date of actual payment. The capital markets regulator said the masterminds behind this whole operation were Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra. Subhash Aggarwal, who also happened to be a director of the RTA of Sadhana Broadcast Ltd, acted as the go-between Manish Mishra and the promoters, the order stated. SEBI received complaints, alleging that there was price manipulation and subsequent offloading of shares in the scrip of SBL. It was also stated in the complaints that YouTube videos were being uploaded with false content to lure investors and a paid marketing campaign worth crores was undertaken to make the videos reach a wider audience. The complainant also provided links to YouTube videos, names of YouTube channels and dates when the videos were uploaded. SEBI examined the complaints and prima facie found that net sellers in the shares of SBL were connected to the creator of YouTube channels, wherein videos with false content and unrealistic target price for the scrip were uploaded with the intention to influence and induce public investors to invest in the scrip. "Search and seizure operations were conducted at the premises of 15 Noticees wherein various documentary and electronic evidences were gathered and statements of various Noticees were recorded on oath," according to the markets regulator. Indo-Asian News Service
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Business Standard
30-05-2025
- Business
- Business Standard
Why has Sebi barred Arshad Warsi from the securities market for a year?
The Securities and Exchange Board of India (Sebi) on Thursday barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities from the securities market for periods ranging from one to five years. The crackdown follows an investigation into misleading YouTube videos that recommended investing in shares of Sadhna Broadcast Ltd (now Crystal Business System Ltd). According to a Sebi order issued, both Warsi and Goretti were fined ₹5 lakh each and prohibited from participating in the securities market for one year, news agency PTI reported. Earlier in March 2023, Sebi took action against Warsi, his wife, and several others in a related case involving misleading YouTube videos promoting shares of Sadhna Broadcast Ltd. In the order, Sebi had directed the impounding of illegal gains amounting to ₹41.85 crore accrued by the entities involved in the pump-and-dump scheme. It also ordered all 31 individuals to open an escrow account with a scheduled commercial bank and deposit the impounded amount within 15 days. Hefty penalties and disgorgement orders On Thursday (May 29), Sebi imposed penalties ranging from ₹5 lakh to ₹5 crore on the 57 other individuals and entities involved, including key promoters of Sadhna Broadcast. The order also directed all 59 entities to jointly and severally disgorge illegal gains amounting to ₹58.01 crore, along with 12 per cent interest per annum, from the end of the investigation period until the payment is made. Sebi's findings revealed that Warsi and his wife earned illicit profits of ₹41.70 lakh, and ₹50.35 lakh, respectively. Who are the masterminds behind the scheme? In its detailed 109-page order, Sebi identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the masterminds of the scheme. Subhash Aggarwal, who served as a director at the registrar and transfer agent of Sadhna Broadcast, acted as a liaison between Mishra and the company's promoters. 'These individuals were the central characters who planned and executed the manipulative scheme,' the regulator said. How the scam was orchestrated According to Sebi, Peeyush Agarwal, a dealer at Choice, and Lokesh Shah, owner of the Delhi franchise of a stockbroker, facilitated accounts for Manish Mishra and the promoters of Sadhna Broadcast to execute trades that manipulated the stock price. Jatin Shah also played a significant role in operationalising the scheme, while other participants either enabled the manipulative activities or sought quick profits, the order said. Sebi noted that although some entities did not trade from their own accounts, they acted as information carriers or assisted in placing manipulative trades. Two-phase pump-and-dump scheme The regulator outlined a two-phase plan to manipulate the stock price: Phase 1: Connected and promoter-linked entities traded among themselves to steadily inflate the price of Sadhna Broadcast shares. Despite small trade volumes, the low liquidity of the scrip allowed these trades to disproportionately influence the price, creating an illusion of investor interest. Phase 2: Misleading and promotional videos were published on YouTube channels such as Moneywise, The Advisor, and Profit Yatra — all operated by Manish Mishra — to lure retail investors. These videos coincided with the artificial price surge and recommended SBL as a promising investment opportunity. Additional actions and ongoing proceedings Sebi clarified that Varun Media Pvt Ltd — a promoter entity — would not be fined due to ongoing insolvency proceedings, but the direction for disgorgement remains in place. The regulatory action follows complaints received between July and September 2022, alleging price manipulation and offloading of shares in Sadhna Broadcast. Investors flagged misleading YouTube videos that falsely promoted the company to lure unsuspecting buyers. Sebi subsequently launched a detailed investigation into trading activities in SBL's shares between March 8, 2022, and November 30, 2022. The regulator had already issued an interim order on March 2, 2023, against 31 entities, including promoters of SBL.
