Nearly nine months ago, Bollywood actor Arshad Warsi faced massive backlash from Prabhas fans for making derogatory comments comparing the pan-India star’s look in Kalki 2898 AD to that of a “joker”. Several celebrities including Dil Raju, Manchu Vishnu, and Nani publicly condemned Arshad’s remarks at the time.
Now, Arshad Warsi has once again landed in controversy — this time for a financial scandal involving stock manipulation. The Securities and Exchange Board of India (SEBI) has taken stringent action against him, his wife Maria Goretti, and 57 others in connection with misleading investors through deceptive YouTube videos that promoted shares of Sadhna Broadcast Ltd (now Crystal Business System Ltd).
SEBI’s investigation revealed that Arshad Warsi earned ₹42 lakhs and his wife Maria gained ₹51 lakhs from the scheme. As a result, SEBI has banned them from participating in the securities market for a period ranging from one to five years and imposed a penalty of ₹5 lakhs each.
The regulator imposed fines ranging from ₹5 lakhs to ₹5 crores on 57 entities including the company promoters. Additionally, the company has been directed to pay ₹58 crores in fines along with 12% interest.
SEBI identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the masterminds behind the scam. Subhash Agarwal, who served as the RTA Director of Sadhna Broadcast, and Manish Mishra were found to have acted as intermediaries between promoters and manipulators. Other key players include Piyush Agarwal, Lokesh Shah, and Jatin Shah, who facilitated the manipulative practices.
The regulator found that misleading videos were used to artificially inflate the share price of Sadhna Broadcast Ltd, causing significant market disruption. A 109-page SEBI order uncovered the full scope of the fraudulent scheme.
This development comes after SEBI issued interim orders against 31 entities in March 2023, following an investigation into suspicious price movements in SBL shares from March 8 to November 30, 2022.
Social media is once again buzzing with criticism from Prabhas fans, calling out Arshad Warsi for his unethical actions and questioning his credibility as an actor who has seen limited success in recent years.
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