Bad news for Arshad Warsi, his wife as they get banned from..., fined Rs 5 lakh each for...
Bollywood actor Arshad Warsi is a well-known, versatile actor who started his journey as a dance choreographer and later found a chance in acting, which became a huge opportunity for him. Over the years, Arshad has impressed audiences with his performances in both comedy and serious roles, earning a strong fan following. However, this time Arshad has landed into serious trouble that is associated with the share market. Arshad Warsi and Wife Banned By…
In a major action, SEBI (Securities and Exchange Board of India) has banned Arshad, his wife Maria Goretti, and 57 other people from taking part in the stock market. This ban is for one to five years, depending on their role in the case. The issue is linked to a scam involving Sadhna Broadcast Ltd.
As per reports, SEBI found that some YouTube channels had posted fake videos to trick people into buying shares of the company. The videos claimed that big companies like the Adani Group were planning to buy Sadhna Broadcast or invest huge money in it. These false claims made the share prices go up quickly. Once the prices were high, the people involved sold their shares to make big profits. This type of fraud is called a 'pump-and-dump' scheme. Arshad and His Wife to Pay…
According to Hindustan Times, on May 29, SEBI published a long 109-page report that shed light on the entire scheme. The time frame for SEBI's probe is March 8, 2022, to November 30, 2022. As per their findings, shares of Sadhna Broadcast were manipulated during this time.
Arshad Warsi and his wife were named as volume creators, which means that they bought and sold shares when the false videos were posted. Arshad reportedly made around Rs 29.43 lakh, while Maria made about Rs 37.56 lakh. SEBI fined them Rs 5 lakh each and has asked them to return the money they earned illegally, with 12% interest per year.
In total, 59 people were found guilty in this scam, including the promoters of Sadhna Broadcast, as they made illegal profits of over Rs 58 crore. SEBI has given out penalties between Rs 5 lakh and Rs 5 crore, depending on how much each person has earned from this scam.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Indian Express
28 minutes ago
- Indian Express
ACB arrests AMC estate inspector in disproportionate assets case
The Gujarat Anti-Corruption Bureau (ACB) arrested an estate inspector of the Ahmedabad Municipal Corporation (AMC) for alleged possession of disproportionate assets (DA) to the tune of Rs 3.07 crore, according to a statement. The ACB statement issued on Thursday stated that the accused Jignesh Surendra Shah, a Class-2 Estate/TDO Inspector of East Zone of the AMC, was booked and arrested for the alleged possession of disproportionate assets (DA) to the tune of Rs 3.07 crore, which it alleged was 102.47% disproportionate to his known sources of income. According to the statement, the ACB conducted its preliminary inquiry based on an application it received regarding Shah's allegedly disproportionate assets. The ACB said that the period of investigation ranged between April 1, 2012 and March 31, 2022, during which the officer had allegedly used unlawful means to accumulate disproportionate assets. The investigation is being carried out by ACB Police Inspector VD Chaudhary. Further probe into the matter is underway.
Time of India
35 minutes ago
- Time of India
Strict action will be taken against projects lacking proper permissions, says HYDRAA chief
Hyderabad: At the Times Home Hunt Property Expo held recently, Hyderabad Disaster Management and Asset Protection Agency (HYDRAA) commissioner A V Ranganath cautioned that any new projects lacking proper permissions or built on encroached land will face strict action. 'Only layouts approved before HYDRAA's formation on July 19 last year will be exempt. All others must comply with current regulations,' said Ranganath, noting that unchecked construction contributed significantly to urban issues like flooding and traffic congestion. HYDRAA was set up not just as a watchdog, he said, but also as a proactive body aimed at promoting sustainable and responsible urban development. 'HYDRAA is not just about demolitions. We are focused on creating a healthier, more environmentally conscious real estate ecosystem,' Ranganath added. The authority is working closely with other agencies to rejuvenate lakes, address urban flooding, and improve drainage infrastructure. He also pointed out that traffic congestion alone costs the state nearly Rs 300 crore in infrastructure loss, underscoring the need for better planning. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo 'We received criticism that HYDRAA slowed real estate activity, but there were geopolitical concerns, delays in RERA clearances, and approval bottlenecks at GHMC and HMDA—also played a role. If a project is legally approved, we won't interfere. Our aim is to ensure compliance and environmental responsibility,' he said.
Time of India
35 minutes ago
- Time of India
Patil writes to CM on mining scams, BJP questions timing
Bengaluru/Raichur: Law minister HK Patil has written a detailed letter to chief minister Siddaramaiah expressing deep concern over the govt's failure to act on thousands of illegal mining cases that allegedly led to a loss of Rs 1.5 lakh crore between 2007 and 2011. In a seven-page letter dated June 18, Patil criticised the "administrative apathy" in handling these cases and called for stern action against the culprits and recovery of lost public wealth. He reminded Siddaramaiah of the 320-km foot march to Ballari in 2010 against illegal mining when the Congress was in opposition. Patil, who headed the cabinet sub-committee on illegal mining during Siddaramaiah's previous term (2013–18), noted in the letter that only 7.6% of more than 12,000 registered illegal mining cases have been investigated so far. "In just 2 per cent of these seven per cent, which means in only 0.2 per cent of the total number of cases, verdicts have come and cases have seen a conclusion," he further added. In Raichur, Patil on Saturday said, "I have brought it to the notice of the CM about what has to be done. The letter is written in the interest of the state and its people. The chief minister has seen the letter and has taken the matter seriously." He also warned that documents related to these illegalities should not be destroyed and called for vigilance. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Giao dịch vàng CFDs với mức chênh lệch giá thấp nhất IC Markets Đăng ký Undo Suggesting fresh measures, he proposed appointing a recovery commissioner under the Criminal Law Amendment Ordinance, 1946, creation of a new SIT, and a special court for speedy trial. BJP MP Lahar Singh Siroya questioned the timing. "I am happy that law minister wrote a seven-page letter to CM, reminding him of the commitment he had made to recover the iron ore scam money... I wonder why Patil took so long to remind his CM on the unrecovered funds. Timing is everything in politics."
