Bollywood actor Arshad Warsi is caught in trouble these days. SEBI has accused 57 others of manipulating 57 other people along with actor his wife Maria Goretti. Under this, major action has also been taken against everyone. On which SEBI has banned everyone from trading in the stock market. Apart from this, SEBI has also ordered to return heavy fines and illegal earnings.
Investors loss due to ‘pump and dump’ scheme
The investigation of the media’s Mutabik, SEBI has revealed that this scam has been done under the ‘Pump and Dump’ scheme. Under the ‘Pump and Dump’ scheme, the prices of the first few stocks were increased in a fake manner and then they have been made a big profit by selling them at high prices. However, when common investors invest in it, they have to suffer heavy losses. In this case, shares of companies like Sadhana Broadcast and Sharpline Realty were targeted.
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Arshad and Maria earned millions
According to SEBI report, Arshad Warsi made a profit of about Rs 41.70 lakh through this scam, while his wife Maria Goretti has taken a profit of Rs 50.35 lakh. This earnings were made illegally, which has now been ordered to return 12 percent with annual interest. SEBI has asked all the accused to return the illegal earnings of Rs 58.01 crore with interest. Apart from this, Arshad Warsi and his wife Maria Goretti have been fined five-five lakh rupees.
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Chief mastermind also exposed
Let us know that in the investigation of SEBI, it was also found that the videos uploaded by some YouTube channels about the shares of these companies were false. In this, people have made profits by motivating investors to invest in shares. Talking about the mastermind, Gaurav Gupta, Rakesh Kumar Gupta and Manish Mishra have been called in SEBI report. Piyush Aggarwal, Lokesh Shah and others have also been found to play an active role in this scam.
