Actor Arshad Warsi, 44 Others Banned On Stock Market Over YouTube Scam
According to officials, 45 people and businesses have been prohibited by the Securities and Exchange Board of India (SEBI) from taking part in the stocks market, including well-known Bollywood actor Arshad Warsi and his wife Maria Goretti.
The choice was made following an examination into claims that two companies, Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd., through specific entities, had manipulated share prices by posting deceptive videos on YouTube channels.
The SEBI discovered that a few people uploaded videos urging viewers to purchase shares of Sharpline Broadcast Ltd. and Sadhna Broadcast Ltd. in order to make tremendous gains. Several promoters of Sadhna Broadcast Ltd. have also been prohibited from trading in securities, in addition to Arshad Warsi and Maria Goretti.
In addition to the ban, SEBI has seized unlawful earnings totaling 54 crore that the organisations made as a result of deceptive videos that were uploaded on YouTube channels. The results of the investigation are described in two distinct interim orders.
Arshad Warsi made a gain of 29.43 lakh rupees, Maria Goretti made a gain of 37.56 lakh rupees, and Iqbal Hussain Warsi made a gain of 9.34 lakh rupees, according to the interim ruling. SEBI has designated a number of people, including these three, as volume makers.
Once SEBI received complaints stating that certain entities were manipulating prices and selling shares of Sadhna Broadcast Ltd. and Sharpline Broadcast Ltd., an investigation was launched. According to the allegations, fraudulent videos with deceptive information about the two companies were released in an effort to entice investors.
“From buying, selling, or dealing in securities either directly or indirectly, in any manner whatever, until further orders,” SEBI has prohibited the 45 firms. Also, until the impounded sum is deposited in the escrow account, the entities have been instructed not to dispose of any assets, including money in bank accounts, without first receiving consent from SEBI.
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