Massive Crackdown Over Rs 200-Crore Front-Running Scam Linked To Axis Mutual Fund
The Enforcement Directorate (ED) conducted extensive searches across multiple cities over the past two days as part of a widening probe into an alleged front-running scam involving Axis Mutual Fund. The searches were carried out in Delhi, Mumbai, Gurugram, Ludhiana, Ahmedabad, Bhavnagar, Bhuj, and Kolkata under the Prevention of Money Laundering Act (PMLA), 2002.
The investigation stems from a December 2024 FIR filed by Mumbai Police against Viresh Gangaram Joshi, the then fund manager and chief dealer at Axis Mutual Fund. Described as the key conspirator in the case, he was arrested on August 2 and has been sent to ED custody till August 8.
According to the ED, Mr Joshi misused confidential trade information from Axis Mutual Fund between 2018 and 2021 to execute trades in advance through proxy accounts, generating massive illicit profits. These acts allegedly cheated retail and institutional investors of the fund, which manages assets worth over Rs 2 lakh crore.
ED officials revealed that Mr Joshi operated from a terminal in Dubai, using mule trading accounts sourced from various brokers. Further investigations have uncovered a network of traders and brokers who also exploited pre-trade data, generating over Rs 200 crore in illegal profits.
The illicit gains were routed through several shell companies and bank accounts linked to the accused and their family members. During the raids, the ED froze assets including shares, mutual fund holdings, and bank balances worth Rs 17.4 crore.
Front-running is a serious securities fraud in which insiders trade using non-public client information for personal gain, undermining market fairness and investor confidence.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
&w=3840&q=100)
Business Standard
8 minutes ago
- Business Standard
Kisan Credit Card accounts in PSBs down 1.8% to 22.5 million in FY25
Union Finance Minister Nirmala Sitharaman in her budget for FY26 increased the loan limit for farmers holding KCC to Rs 5 lakh from Rs 3 lakh earlier New Delhi Listen to This Article The number of Kisan Credit Card (KCC) accounts in public sector banks fell by 1.8 per cent year-on-year to 22.5 million in FY25, even as the outstanding loan amount grew by a marginal 2.2 per cent growth to ₹41,300 crore during the period, a senior government official said on the condition of anonymity. The decline in active KCC accounts reflects multiple structural shifts in rural lending, the official said. 'Farmers' incomes have improved over the years, with many moving out of farming, while in some states they increasingly prefer co-operative banks, NBFCs or input-linked credit like fertilier cards, reducing drawdowns
&w=3840&q=100)
Business Standard
8 minutes ago
- Business Standard
Shivraj Chouhan echoes PM's call, urges citizens to use indigenous products
Union Agriculture and Farmers Welfare Minister Shivraj Singh Chouhan on Sunday once again echoed the Prime Minister's appeal by urging citizens to purchase products made within the country. Prime Minister Narendra Modi had on Saturday, during the disbursement of the 20th instalment of the PM-Kisan Samman Nidhi in Varanasi, urged the nation to buy indigenous products. Reaffirming the government's commitment to strengthening the economy, the Union Agriculture Minister reiterated the Prime Minister's appeal today: "Dear sisters and brothers--nieces and nephews, everyone lives for themselves--insects, birds, and animals. But what's the point of living only for oneself? We must live for our country. Living for the nation is what the Honourable Prime Minister taught us yesterday. He appealed to us to buy only those products for our homes that are made in our own country." "Dear sisters and brothers, whether something is made in your village, in a nearby city, in your district, in your state, or anywhere in our country, buy only those things. The Indian economy is growing rapidly. Today, we are ranked fourth in the world, and very soon, we will reach the third position. And this nation of 1.44 billion people is a huge market. If we resolve to buy and use only things made in our country, then our farmers, our small-scale producers, self-help groups, and local artisans- everyone will see their income increase. And when their earnings grow, our economy will become stronger. Why should our money go abroad? Let it provide livelihoods to our own children. I will live for my country, and you too should live for the means, buy only products that are Made in India. Thank you!" Earlier, he said that the welfare of farmers is a top priority of the government under the leadership of Prime Minister Narendra Modi. Addressing the gathering of farmers, officials and dignitaries in Patna, Agriculture Minister Chouhan said that with the help of the Direct Benefit Transfer scheme, the government is ensuring that the assistance reaches directly into the accounts of the farmers. Highlighting the measures for farmers' welfare, under the leadership of Prime Minister Narendra Modi, Chouhan said that with the help of DBT (Direct Benefit Transfer), the government is ensuring that the assistance reaches directly into the accounts of the farmers. He said, "Earlier, farmers used to get only a few pennies of Rs 1 sent by the government, but now they receive the whole amount without any leakage.
News18
18 minutes ago
- News18
Child drowns in waterlogging caused by continuous rain in Uttarakhand
Last Updated: Dehradun, Aug 3 (PTI) A child drowned in waterlogging caused by continuous rain in Uttarakhand's Udham Singh Nagar district on Sunday. Udham Singh Nagar District Disaster Management Officer Umashankar Negi said that 11-year-old Yash Singh drowned in waterlogging caused by rain in the Khamaria village of the Bajpur tehsil. He said that the child's body has been recovered. Negi said that a compensation of Rs four lakh has been given to the child's family. The Meteorological Centre, Dehradun, has declared an 'orange alert' of heavy to very heavy rains at some places in Nainital, Champawat and Bageshwar on Monday and Tuesday, and in Udham Singh Nagar, Dehradun and Pauri on Tuesday. First Published: August 03, 2025, 23:45 IST Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
