Arshad Warsi: 'Maria and my knowledge about stocks is zero, took advice and lost all our hard earned money'

Arshad Warsi has broken his silence after the Securities and Exchange Board of India (SEBI) banned him, his wife Maria Goretti and 43 other people from the stock market. The Munna Bhai actor took to Twitter and claimed his and Goretti’s innocence in the matter. As per reports, SEBI has banned Goretti and Warsi on charges of “manipulating share prices” of two companies by uploading “misleading videos” on YouTube channels. Warsi has denied the claims and said that both he and his wife have ‘zero knowledge of stocks’, adding that they had lost money in the market as well.

In his tweet, the Ishqiya actor misspelled the name of the company he was accused of promoting and asked his fans to not believe everything they read in the news.

“Please do not believe everything you read in the news. Maria and my knowledge about stocks are zero, took the advice and invested in Sharda, and like many others, lost all our hard-earned money,” the 54-year-old actor wrote on Twitter.

View Arshad Warsi’ tweet here:

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

What is the case about?

SEBI found two YouTube channels owned by influencer Manish Mishra – The Advisor and Moneywise –used celebrities to hype up stocks of two companies to bidders. The companies in question, Sadhna Broadcast Ltd and Sharpline Broadcast Ltd, were promoted by “misleading videos”.

SEBI noted that “misuse of patently false and misleading YouTube videos, had led to drastic increase in the number of small shareholders (from 2,167 to 55,343 shareholders), who ended up buying shares from the noticee net sellers and volume creators at inflated price”. The securities regulator investigated the matter between April-September 2022 and found a hike in scrip of Sadhna Broadcast and Sharpline between April and mid-July 2022.

As per reports, Warsi and Goretti, have been classified as Volume Creators in SEBI’s probe. The couple allegedly bought and sold shares of Sadhna during the period under investigation. Both Warsi and Goretti contributed to a hike in trading volumes and interest in the scrip of Sadhna. While the Golmaal actor made a profit of Rs 29.43lakh, his wife gained Rs 37.58 lakh, according to SEBI’s interim order.

SEBI has also banned YouTuber Manish Mishra and the promoters of Sadhna Broadcast- Gaurav Gupta, Shreya Gupta, Pooja Aggarwal, Saurabh Gupta and Varun Media from the securities market.

As per a PTI report, the regulator has impounded illegal gains amounting to Rs 54 crore made by the banned entities after the “pump and dump” scam, ordering the 45 individuals to open an escrow account with a scheduled commercial bank and deposit the impounded amount there within 15 days.

Coming back to Arshad Warsi, the actor was last seen in an episode of Modern Love: Mumbai. The actor is set to reunite in a project with Munnabhai co-star Sanjay Dutt, but no details have been revealed about the project till now. Warsi will also be seen in Golmaal 5, Banda Singh and Jeevan Bheema Yojana.

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