The Securities and Exchange Board of India (SEBI) has barred Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others from trading in the securities market for up to five years, according to reports. This decision follows an in-depth investigation into the manipulation of Sadhna Broadcast’s stock prices currently now operating as Crystal Business System Ltd.
As part of the penalties, Arshad Warsi and Maria Goretti were each fined ₹5 lakh and banned from market participation for one year. SEBI’s findings revealed that Arshad earned ₹41.70 lakh and Maria ₹50.35 lakh through these irregular trades. In addition to the couple, SEBI fined the remaining entities amounts ranging from ₹5 lakh to ₹5 crore. Collectively, they have been directed to repay ₹58.01 crore in unlawful gains, along with an annual interest of 12% calculated from the end of the investigation period until the total amount is recovered.
SEBI’s final order stated that a number of misleading videos were uploaded on YouTube channels to encourage investment in Sadhna Broadcast. These promotional videos falsely portrayed the stock as highly promising, generating artificial interest and inflating its price. The regulator identified this as a classic "pump-and-dump" scheme, where prices are driven up through deceptive means and then shares are sold off to reap profits, leaving unsuspecting retail investors at a loss.
According to SEBI’s whole-time member Ashwani Bhatia, the stock price was deliberately increased through collusive trades. This was followed by aggressive promotional tactics and a coordinated exit by those behind the scheme. The masterminds named in the case include Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra. Subhash Aggarwal, a director at the company's registrar and transfer agent, allegedly acted as the intermediary. Manish Mishra also operated YouTube channels like Moneywise, The Advisor, and Profit Yatra, which played a central role in spreading the misleading videos.
Other individuals, such as Peeyush Agarwal and Lokesh Shah, also contributed to the scheme by executing trades or sharing insider information. SEBI discovered the manipulation occurred in two phases—first inflating stock prices through internal trades, and then pushing them further using deceptive online promotions. Complaints filed in mid-2022 prompted the investigation.