The Securities and Exchange Board of India (SEBI) has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from participating in the securities market for periods ranging from one to five years. This action stems from their involvement in a stock manipulation case concerning Sadhna Broadcast Ltd, now known as Crystal Business System Ltd. SEBI’s inquiry uncovered a “pump-and-dump” operation where the share price was artificially boosted using deceptive YouTube videos posted on channels such as Moneywise, The Advisor, and Profit Yatra. These videos falsely promoted the company’s growth potential, creating a buying frenzy and allowing the accused to offload their shares at inflated rates, leading to significant losses for retail investors.
In response, SEBI has fined both Arshad Warsi and Maria Goretti ₹5 lakh each and ordered them to return their illicit gains—₹41.70 lakh and ₹50.35 lakh, respectively. Altogether, the 59 involved entities must repay ₹58.01 crore, along with 12% annual interest. Key figures behind the scheme include Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra, with Subhash Aggarwal, a director at the company’s registrar, acting as a go-between. The investigation began after SEBI received a tip-off from a whistleblower. This case highlights the rising threat of digital platforms being used for market fraud and reinforces the importance of strict regulatory oversight.
