SEBI has issued a fresh show cause notice to actor Arshad Warsi, wife Maria Goretti, brother Iqbal Warsi and manager Aahuti Mistry in the pump and dump scheme carried out by Sadhna Broadcast through YouTube channels. In the fresh notice, the Securities Exchange Board of India has named 61 entities including the promoter group entities of Sadhna Broadcast Ltd., alleging illegitimate gains to the tune of Rs. 59.77 crore.
On March 2 last year, SEBI had barred Arshad Warsi and promoters of Sadhna Broadcast from the securities market in a case related to uploading misleading videos on YouTube, which recommended investors to buy the company’s securities. The regulator has now submitted WhatsApp chats with Manish Mishra who operated the YouTube channels. The notice says, “The initial amount of Rs. 25 lakh each in the bank accounts of Arshad Warsi, Maria Goretti and Iqbal Warsi was deposited by Manish Mishra. Thereafter, Manish used to instruct Arshad on trades to be executed, including those in the scrip of SBL.”
Arshad and Maria in last March got interim relief from the Securities Appellate Tribunal which set aside SEBI’s order debarring the couple from the securities market. The SAT also ordered the couple to deposit 50% of the alleged wrongful gains in an escrow account. It directed SEBI to complete the probe within six months.