Ring of fraud: Sebi bans actor Warsi, wife

Sebi on Thursday ruled out 31 entities, including actor Arshad Warsi, his wife Maria Goretti and promoters of Sadhna transmission from the market. The move is related to misleading videos on YouTube channels – ‘The Advisor’ and ‘Moneywise’ – luring investors into buying the TV channel’s shares.
The promoters of Sadhna who have been shut out of the market are Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media. The regulator has seized the illegal earnings of Rs 41.9 crore made after the videos were uploaded. Sebi noted that Warsi (who played ‘Circuit’ in the film ‘Munnabhai MBBS’) earned Rs 29.4 lakh, while his wife earned Rs 37.6 lakh.
The order came after Sebi received complaints that there had been price manipulation and stock dumping (also known as pump-and-dump) by certain entities in the Sadhna registry.
The regulator then noted a surge in the price and volume of Sadhna scrip between April and mid-July 2022.
Since the release of the videos, there has been an increase in the price and trading volume of the Sadhna script. During this period, some promoting shareholders, Sadhna key executives and non-promoting shareholders dumped a significant portion of their holdings at inflated prices and posted profits.
One of the misleading videos on these YouTube channels was that Sadhna Broadcast was allegedly taken over by Adani Group.
Another video claims that a major US corporation has contracted to produce four devotional films.


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