The Securities and Exchange Board of India (SEBI) has barred actor Arshad Warsi, his wife Maria Goretti, and his brother from participating in the securities market for1 year. This action is linked to a stock manipulation scheme involving Sadhna Broadcast Ltd, now known as Crystal Business System Ltd. SEBI found that they were part of a plan to inflate the company's stock prices using misleading information before selling shares to unsuspecting investors.

The investigation revealed that Arshad Warsi and others worked with Manish Mishra, who allegedly planned a campaign using fake YouTube videos and paid promotions to mislead the public about the company’s potential. SEBI discovered WhatsApp messages indicating Mishra had promised to transfer Rs 25 lakh each to Arshad Warsi, his wife, and his brother.

Despite their claim of being inexperienced in stock trading, SEBI found that Arshad Warsi was actively involved, using multiple accounts including those of his family members. SEBI has imposed a fine of Rs 5 lakh each on the three and directed them to return a total of Rs 1.05 crore in wrongful gains.The broader investigation exposed a larger “pump and dump” scam, where stock prices were artificially inflated through deceptive YouTube channels like The Advisor, Midcap Calls, Profit Yatra, and others. These channels falsely promoted Sadhna Broadcast’s stock to lure retail investors. Nearly 45% of trades during the review period were traced to linked accounts involved in the scam.

Seven individuals have been banned from the market for five years, and 54 others, including the Warsis, for one year. SEBI also levied financial penalties, with Manish Mishra fined Rs 5 crore and others facing penalties up to Rs 2 crore. This case underscores how misleading social media content can be used to manipulate markets and deceive investors.