Arshad Warsi Denies Market Fraud, Tweets “My Knowledge About Stocks Is Zero”

Arshad Warsi Denies Market Fraud, Tweets 'My Knowledge About Stocks Is Zero'

Arshad Warsi denies the allegations after SEBI bans him.

Hindi film actor Arshad Warsi, who along with his wife Maria Goretti is among 45 individuals and companies banned by the Securities and Exchange Board of India (SEBI) from participating in the securities market, said on Thursday that his knowledge about stocks is zero and he lost all money that was invested in the market.

After facing a lot of backlash on social media and in the news, the actor tweeted, “please do not believe everything you read in the news.”

Talking about his inability to do any harm in the stock market, he wrote that “Maria and my knowledge about stocks is zero. We took advice and invested in Sharda, and like many others, we lost all our hard-earned money.”

Earlier in the day, SEBI took the decision of banning after an investigation into allegations of share price manipulation by certain entities of two companies, Sharpline Broadcast Ltd and Sadhna Broadcast Ltd, through uploading misleading videos on YouTube channels.

Also Read | Actor Arshad Warsi, 44 Others Banned On Stock Market Over YouTube Scam

SEBI found that certain individuals uploaded false and misleading videos recommending investors buy shares of Sadhna Broadcast Ltd and Sharpline Broadcast Ltd for extraordinary profits.

In addition to Arshad Warsi and Maria Goretti, some promoters of Sadhna Broadcasting Ltd. have also been restrained from participating in the securities market.

Along with the ban, SEBI has impounded illegal gains worth Rs 54 crore made by the entities after misleading videos were uploaded on YouTube channels. Two separate interim orders detail the investigation’s findings.

According to the interim order, Arshad Warsi made a profit of Rs 29.43 lakh, Maria Goretti earned a profit of Rs 37.56 lakh, and Iqbal Hussain Warsi made a gain of Rs 9.34 lakh.

These three individuals, among others, have been classified as volume creators by SEBI.

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. 

The complaints alleged that misleading videos with false content about the two companies were uploaded to lure investors.

(With inputs from agencies)

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