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Arshad Warsi breaks silence after SEBI ban, says 'lost all our hard-earned money'
After SEBI reportedly banned Arshad Warsi, Maria Goretti and 31 other entities, the actor has broken the silence over the news. Warsi revealed that he didn't make any profit, but suffered a huge loss.
Updated : Mar 03, 2023, 07:46 PM IST | Edited by : Simran Singh
 "Arshad Warsi")
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Actor Arshad Warsi and his wife Maria Goretti have landed in trouble. The Securities and Exchange Board of India (SEBI) has reportedly banned several entities, including Arshad, Maria, YouTuber Manish Mishra and promoters of Sadhna Broadcast - Shreya Gupta, Gaurav Gupta, Saurabh Gupta, Pooja Aggarwal and Varun Media - from the securities market in a case related to uploading misleading videos on YouTube channels recommending investors to buy the company`s shares
According to the interim order, Arshad Warsi made a profit of Rs 29.43 lakh, and Maria Goretti earned a profit of Rs 37.56 lakh. However, Arshad took to Twitter and requested everyone not to believe in hearsay. He also mentioned that he and his wife lack knowledge of the stock market.
In the post he wrote, "Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many others, lost all our hardearned money."
Here's the tweet
Please do not believe everything you read in the news. Maria and my knowledge about stocks is zero, took advice and invested in Sharda, and like many other, lost all our hard earned money.
— Arshad Warsi (@ArshadWarsi) March 2, 2023
The investigation began after SEBI received complaints alleging that certain entities were engaging in price manipulation and offloading shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd. According to SEBI, these organisations were involved in a managed scheme to persuade unwary investors to purchase assets in Sadhna Broadcast, which caused an unusual rise in the scrip's price and ultimately led to the sale of shares at inflated rates, resulting in illegal profits at the expense of the new investors.
The decision was made as a result of complaints SEBI received about alleged price fixing and share unloading by particular businesses in the Sadhna Broadcast scrip. According to the complaints, false YouTube videos with misleading content were being shared to entice investors.
