A father, his two sons, his current wife, his ex-wife and his two daughters allegedly worked together to run a sophisticated pump-and-dump operation through X, WhatsApp, and Telegram, manipulating 82 stocks from the small and medium enterprises (SME) segment and generating illegal gains of ₹20.25 crore before India’s market regulator finally moved in.
In
a sweeping interim order, Securities and Exchange Board of India (SEBI) has accused the Mohan Gupta family of building a massive social media-driven stock manipulation network that reached tens of thousands of retail investors through popular X handles, Telegram channels and more than 50 WhatsApp groups carrying names such as 'Den of Wealth'.
In the order passed on 22 May 2026, Kamlesh C Varshney, whole-time member of SEBI, says, "Mohan Gupta (noticee no1), Rohan Gupta (noticee no2) and Aniket Gupta (noticee no3) are not registered with SEBI as research analysts (RAs). However, despite being not registered, noticees have been providing research analyst services to a large number of their subscribers. The noticees have been recklessly misleading, soliciting and inducing investors to deal in the securities market on the basis of stock analysis, without having the requisite registration certificate as mandated under securities laws.
"In view of the aforesaid findings, it is necessary to take urgent preventive action in this matter to prevent noticee nos1 to 3 through their X Accounts and social media platforms from misleading the public, inducing or influencing investors to deal in securities and engaging in unregistered research analyst activities. Therefore, an ex-parte interim order is required to be issued against noticee nos1 to 3 so that they cease and desist from carrying out such unregistered activities," the SEBI order says.
SEBI ordered Mr Gupta and his two sons, Rohan and Aniket, to cease and desist from offering unregistered research analyst services and from acting as or holding themselves out to be an RA. "They shall cease to solicit or undertake such activity or any other unregistered or fraudulent activity in the securities market, directly or indirectly, in any manner whatsoever."
Further, Sharon Gupta (noticee no4 & wife of Hemant Gupta), Leana Gupta (noticee no5 and daughter of Hemant & Sharon Gupta), Rajani Gupta (noticee no6, ex-wife of Hemant Gupta and mother of Aniket and Purvangi) and Purvangi Gupta (noticee no7 and daughter of Hemant Gupta) are restrained from buying, selling or dealing in securities, either directly or indirectly, in any manner with immediate effect.
According to the 234-page order, Rohan Gupta, the son, allegedly operated the X handle @WealthSolitaire with around 13,600 followers, while his other son, Aniket, allegedly ran @desiwallstreet with more than 40,500 followers. Behind the public-facing accounts was an extensive network of Telegram channels and WhatsApp groups allegedly used to aggressively push low-liquidity SME stocks to retail investors.
SEBI alleged that the modus operandi was simple but highly effective — quietly accumulate shares in illiquid SME stocks, issue glowing stock recommendations on X, amplify the messages through Telegram and WhatsApp groups reaching thousands of subscribers, trigger a buying frenzy among retail investors, and then dump the holdings at inflated prices.
The regulator said search and seizure operations were conducted at the premises of the noticees between 21st January and 24 January 2026, during which electronic devices, chats and trading data were seized.
The seized chats now form the backbone of SEBI’s case.
In one conversation reproduced in order, after Rohan Gupta purchased shares of a stock, Hemant Gupta allegedly instructed him: “Tweet karo abhi, 4-5 din upper circuit aayega.”
Another chat cited by SEBI suggested the operators were fully aware that regulators could eventually crack down on them. The order states that Aniket Gupta warned Hemant Gupta that SEBI had started pursuing even smaller social media handles and cautioned that 'lifetime of earnings will be gone'.
Despite that, SEBI said the family network continued to aggressively promote stocks on social media while simultaneously offloading its own holdings.
The regulator has now impounded alleged unlawful gains of ₹20.25 crore and ordered restrictions on bank accounts, demat accounts and properties linked to the noticees pending further investigation.
SEBI noted that the investigation is ongoing and that the actual gains from the alleged scheme could be substantially higher.
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