30/05/2025
Odisha Engineer Caught Throwing Cash During Vigilance Raid
In a dramatic turn of events, Baikuntha Nath Sarangi, a Chief Engineer with the Rural Development Department of the Odisha government, was caught throwing bundles of cash out of his apartment window during a raid by the state's Vigilance Department. The anti-corruption wing was investigating allegations of disproportionate assets against him.
Details of the Raid: Simultaneous raids were conducted at seven locations linked to Sarangi across Angul, Bhubaneswar, and Pipili (Puri).
Cash Seized: So far, over тВ╣2 crore (approximately тВ╣2.1 crore) in unaccounted cash has been recovered. This includes around тВ╣1 crore from his Bhubaneswar flat and тВ╣1.1 crore from his Angul residence.
Modus Operandi: On seeing the vigilance officers, Sarangi allegedly attempted to dispose of тВ╣500 notes by throwing them out of his window. However, the cash was recovered by the search team in the presence of witnesses.
Ongoing Investigation: The investigation is ongoing, and a detailed assessment of Sarangi's assets is underway. Officials stated that further stringent action is expected.
Team Involved: The extensive operation involved a team of 26 police officers, including eight Deputy Superintendents of Police (DSPs), 12 inspectors, and six assistant sub-inspectors (ASIs).
2. SEBI Bans Arshad Warsi, Wife, and Others in Stock Market Fraud
The Securities and Exchange Board of India (SEBI) has taken strong action against Bollywood actor Arshad Warsi, his wife Maria Goretti, and 57 other entities, banning them from the securities market for their involvement in a "pump-and-dump" stock manipulation scheme.
The Scheme: The case pertains to Sadhna Broadcast Ltd (now known as Crystal Business System Ltd). SEBI's investigation revealed a coordinated scheme where the company's shares were artificially inflated using misleading promotional videos on YouTube channels. These videos falsely projected a turnaround in the company's prospects, creating artificial demand and pushing up the stock price.
"Pump and Dump": This is a classic "pump-and-dump" strategy where prices are pushed up using false information. Once the prices rise, the manipulators sell their shares for a profit, leaving regular investors with significant losses.
Warsi's Involvement: Arshad Warsi and Maria Goretti acquired a significant amount of Sadhna Broadcast shares and then liquidated their holdings shortly after the stock price surged due to the misleading videos. SEBI found that Arshad made a profit of тВ╣41.70 lakh and Maria earned тВ╣50.35 lakh through these trades.
Bans and Fines:
SEBI has banned Warsi and his wife from the securities market for one year and fined them тВ╣5 lakh each.
The other 57 entities have been banned for periods ranging from one to five years, with penalties ranging from тВ╣5 lakh to тВ╣5 crore.
Disgorgement of Gains: All 59 entities have been ordered to return a total of тВ╣58.01 crore in illegal profits, along with 12% interest per annum from the end of the investigation period until full payment is made.
Masterminds Identified: SEBI's final order identified Gaurav Gupta, Rakesh Kumar Gupta, and Manish Mishra as the primary orchestrators of this scheme. Manish Mishra allegedly ran YouTube channels like "Moneywise," "The Advisor," and "Profit Yatra," which were used to spread promotional videos.
Regulatory Action: The action follows complaints received between July and September 2022 about unusual stock price movements and misleading online content promoting the company. SEBI's detailed investigation covered the period from March 8, 2022, to November 30, 2022.