Market Regulator SEBI has banned Sanjeev Bhasin and many of his colleagues in the equity market for a long time associated with IIFL security in terms of fraud of stock market investors through ‘pump and dump’. All of them have been stopped from direct or indirect share purchases or selling them and more than Rs 11 crore has also been seized. Sanjeev Bhasin, who was banned from the market after SEBI’s strong action, is suddenly seen in the new Navatar and now he is seen giving information about planets and constellations through social media by becoming an astrologer instead of advice to buy shares.
Bhasin is sharing knowledge of astrology!
Sanjeev Bhasin, who gave investment tips in the stock market, is seen in this new avatar on a channel called Astrowiz-Sanjivbhasin on YouTube. They have all the videos uploads in which they are advising by becoming an astrologer. It is shocking in itself that people are seen sharing this high-profile face, which is identified as a market specialist by joining IIFL Securities, people are seen sharing knowledge of astrology on social media. Let us tell you that these astrology videos are being uploaded for the past few months, but they are in the discussion after the banning of SEBI who came under the grip of SEBI in the case of fraud with investors.
Sebi has taken this action
Sanjeev Bhasin, who was seen in the role of the stock market advisor cum astrologers, was named as the country’s well -known stock market expert, but SEBI investigation revealed that Sanjeev and his associates were incorrectly earning through the Pump & DUMP scheme on the share and lime. The investigation of the case was started in June 2024 by the market regulator and on Tuesday, taking a big action, issued an order to ban them from the market.
This is how the game of fraud used
According to reports, Sanjeev Bhasin had asked a private company to buy some special stock, which was opened in the name of his brother Pradeep Bhasin. After this, the trading volume was affected with the increase in its prices. In this way, an illegal benefit of Rs 11.37 crore was earned by him. SEBI has confiscated this amount from the accounts of Bhasin and his colleagues, while according to the interim order, all the accused in the case have been completely banned from purchasing and selling in the equity market. Not only this, with banning all mutual funds and securities redemption, SEBI has asked those who get notices to present the entire list of properties within 15 days.
The market regulator started investigating the matter after receiving three complaints and it was revealed that Sanjeev Bhasin and his companions used to buy a few selected shares first and then through all the shows and social media, they used to recommend them for long -term investment to investors as market experts. After this, due to increasing shopping, the share price and trading volume used to rise and during this time, Sanjeen Bhasin and other companions used to sell their stakes.
‘Pump and Dump’ caught in Strategy
There is a strategy to carry out fraud in PUMP & DUP Strategy Strategy Share Market. In which the puzzle is pumped by spreading false or misleading information about a share and when its price increases, it is dumped. When the stock price increases, such people get out by selling it at a higher price and common investors have to suffer losses. The special thing is that such false claims are made by such people, whose effect is strong and investors easily get into their words.