A market manipulation scam came to light after the Securities and Exchange Board of India (SEBI) investigated a Mumbai-based family accused of manipulating stock prices for illegal profits.
The family allegedly ran the scam using social media platforms such as X, Telegram and WhatsApp. According to an order passed by the SEBI, the group manipulated 82 low-liquidity SME stocks and earned around Rs 20.25 crore through a “pump and dump” scheme.
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What Is Pump And Dump Scam?
A pump and dump scheme is an illegal scam where people spread fake hype to raise a stock price. After others invest and the price rises, the scammers sell their shares for profit, causing the price to crash and leaving investors with losses.
Who Are Accused?
In a similar operation, the seven family members in this scam included father Hemant Gupta, his sons - Rohan Gupta, Aniket Gupta as well as Sharon Gupta, Leana Gupta, Rajani Gupta and Purvangi Gupta.
Rohan operated the Twitter handle “WealthSolitaire,” while Aniket managed “desiwallstreet.” Together, their accounts had over 54,000 followers. They also controlled more than 50 WhatsApp groups and Telegram channels with nearly 80,000 members.
SEBI said that the accused family first bought shares of small stocks quietly. They then promoted these stocks online with positive recommendations to attract retail investors. As stock prices rose, they sold their holdings at a profit, leaving later investors with losses.
When The Scam Started?
The regulator said the scam affected 82 stocks from December 2023 to January 2026. In one case, the group bought shares of Afcom Holdings before promoting the company on social media with claims of high returns. During the period, their trading value increased from Rs 548.62 crore in the pre-examination period to Rs 1,023.40 crore during the examination period. Their profits rose from Rs 17.06 crore to Rs 58.40 crore.
The regulator alleged violations of the SEBI Act and PFUTP rules by the accused. It also said Hemant Gupta, Rohan Gupta, and Aniket Gupta violated Research Analyst Regulations by giving stock tips without registration.
How Was the Scam Uncovered?
During raids conducted in January 2026, SEBI reportedly recovered chat messages that revealed detailed planning behind the scheme. In one message, Hemant allegedly told his son to tweet about a stock so it would hit upper circuits for several days. In market terms, an upper circuit is the maximum price limit a stock is permitted to reach in a single trading day.
SEBI has now impounded Rs 20.25 crore and frozen bank accounts and properties linked to the accused. The investigation is still ongoing. Meanwhile, SEBI has barred all the accused from buying, selling or dealing in securities.
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“This is an interim order being passed during the pendency of the investigation, as it has been noted that noticees had prima facie engaged in fraud, manipulation and unfair trade practices,” SEBI's 234-page order said.
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