Bollywood actor Arshad Warsi and his wife Maria Goretti were banned from buying and selling in the Indian stock market.
According to foreign media, the market regulator says the decision made after investigating allegations of price manipulation.
According to reports, the market regulator says videos on social media channels used to inflate the prices of some shares.
Therefore, Bollywood actor Arshad Warsi and YouTube influencer is among dozens of people who are banned from trading in India’s stock market.
According to the Securities and Exchange Board of India (SEBI), some people uploaded false and misleading videos on social media inviting investors to buy shares of Sadhana Broadcast Ltd and Sharpline Broadcast Ltd for exorbitant profits.
In its investigation, SEBI says it found that YouTube channels The Advisor and Moneywise – owned by influencer Manish Mishra – used celebrities to recommend two companies’ stocks to retail investors.
The SEBI says, actor earned a profit of Rs 29 lakh and his wife Rs 37 lakh.
According to Indian media, actor involved in the case with his wife, has denied the allegations.
However, on Thursday, Arshad Warsi tweeted that please don’t believe everything in the news. Maria and I have zero stock knowledge.
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Further Arshad Warsi writse, we invested in Sadhna after seeking advice and lost our hard earned money like many others.