SEBI has banned Arshad Warsi, wife Maria, and 57 others for stock manipulation via fake YouTube tips on Sadhana Broadcast shares. ₹58 crore in illegal profits must be returned with interest.
Anshu Kashid
Pune| Mumbai May 30, 2025: In a major crackdown on stock market fraud, the Securities and Exchange Board of India (SEBI) on Thursday, May 29, took strict action against Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 others for manipulating share prices through misleading YouTube videos. The group is accused of artificially inflating the stock value of Sadhana Broadcast Ltd. and luring investors into a trap.
As per SEBI’s 109- runner order, all 59 individualities have been barred from trading in the stock request for a period ranging from 1 to 5 times. Arshad Warsi and Maria Goretti have each been fined ₹ 5 lakh. SEBI has also directed the entire group to return a total of ₹ 58.01 crore in illegal earnings, with 12% periodic interest. The investigation revealed that Arshad Warsi made a profit of ₹41.70 lakh, while Maria Goretti earned ₹50.35 lakh through this alleged manipulation.
The mastermind behind this fraud, SEBI says, was a network of individuals led by Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra. Subhash Agarwal, a director of Sadhana Broadcast’s RTA, acted as a middleman between Mishra and the company’s promoters. Others like Piyush Agarwal, Lokesh Shah, and Jatin Shah played critical roles in moving funds and inflating the stock.
SEBI’s investigation found that the scheme had two well-planned phases:
Phase 1: The accused artificially increased the share price of Sadhana Broadcast by making small, strategic transactions to create fake demand.
Phase 2: Fake promotional vids were uploaded on YouTube channels like Moneywise, The Advisor, and Profit Yatra, run by Manish Mishra. These vids falsely hyped the stock to attract unknowing retail investors.
The fraudulent exertion came under SEBI’s radar after multiple complaints between July and September 2022. Following an interim order against 31 individualities in March 2022, SEBI conducted a detailed inquiry over the ensuing months, leading to this broad nonsupervisory action.
This case serves as a strong reminder to investors and influencers alike about the legal and ethical consequences of stock manipulation and misleading financial promotions.
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