Bollywood actor Arshad Warsi has been involved in a big financial scam and has increased his problems. He has been removed from the stock market.
The Indian Securities and Exchange Board (SEBI) has taken drastic action against Arshad Warsi, his wife Maria Gorty and 57 others on the charge of fraud in the stock market.
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Sebi investigations found that these people artificially raised the price of some companies through the ‘Pump and Dump’ scheme and then sold them at higher prices. This fraud has caused major damage to ordinary investors. According to the report, Arshad Warsi made an illegal profit of Rs 41.70 lakh and his wife Maria Gorteti made an illegal profit of Rs 50.35 lakh.
SEBI has ordered the return of 12 to 12% annual interest. Besides, both have been also fined Rs 5 lakh each. A total of 58 people have made illegal revenue of Rs 58.01 crore in the scam. Sebi has directed all the accused to return the amount and stay away from the stock market in the future.
Edited by – Priya Dixit