Enforcement Directorate has conducted search operations at multiple locations in Delhi, Ahmedabad, Bhavnagar, Bhuj, Gurgaon, Kolkata, and Ludhiana under the Prevention of Money Laundering Act.
The search operations were conducted in connection with illegal profits made by certain entities and persons by indulging in front-running trade activities in scripts traded by Axis Mutual Fund during the period 2018 to 2021.
It was alleged that the accused Viresh Joshi, the then Fund Manager of Axis Mutual Fund exploited confidential information on the trades to be executed on behalf of Axis Mutual Fund, generating substantial illicit gains.
The accused has cheated the investors of Axis Mutual Fund which hold Assets under management of more than two lakh crore rupees.
