Latest news with #VireshGangaramJoshi
India Today
03-08-2025
- Business
- India Today
ED arrests ex-Axis Mutual Fund chief dealer in Rs 200-crore front-running scam
The Enforcement Directorate (ED) on Saturday arrested the former Chief Dealer of Axis Mutual Fund for involvement in a Rs 200 front-running scam. The arrest followed an extensive raid across multiple cities as part of its investigation into a major front-running scam involving Axis Mutual searches, carried out on August 1 and 2 under the Prevention of Money Laundering Act (PMLA), 2002, spanned locations in Delhi, Mumbai, Gurugram, Ludhiana, Ahmedabad, Bhavnagar, Bhuj, and ED probe stems from an FIR filed by Mumbai Police in December 2024, which accused Viresh Gangaram Joshi, the former Chief Dealer of Axis Mutual Fund, of orchestrating a large-scale front-running operation between 2018 and 2021. Joshi allegedly exploited confidential trading information to conduct preemptive stock trades for personal gain, generating significant illicit profits. Investigators revealed that Joshi used a terminal in Dubai to execute front-running trades through mule trading accounts sourced from various brokers. The scheme, according to ED, defrauded Axis Mutual Fund investors, with the fund managing assets worth over Rs 2 lakh crore. In addition to Joshi, several traders and brokers are also under scrutiny for allegedly misusing advance trade information to earn illegal profits — categorised as Proceeds of Crime (POC) under far, ED has identified over Rs 200 crore in illicit gains from the fraudulent activity, though officials believe the actual amount may be considerably higher. The proceeds were reportedly routed through a network of shell entities and bank accounts owned by the accused and their close the two-day search operation, ED froze assets — including shares, mutual funds, and bank balances — worth Rs 17.4 crore. The key accused, Viresh Gangaram Joshi, was arrested on August 2 and produced before the competent court, which granted ED custody until August 8 for further the core of the scam, is an illegal practice wherein brokers or traders use advance knowledge of client orders to benefit themselves, undermining market fairness and harming other investigation is ongoing, with more individuals likely to come under the scanner in the coming days.- Ends
New Indian Express
03-08-2025
- Business
- New Indian Express
ED arrests ex- Axis Mutual Fund manager in front-running case
NEW DELHI: The Directorate of Enforcement (ED) has arrested Viresh Gangaram Joshi, the former fund manager of Axis Mutual Fund, in connection with a multi-crore front-running scam that allegedly defrauded investors between 2018 and 2021. A special Prevention of Money Laundering Act (PMLA) court has sent Mr. Joshi, who was taken into custody on Saturday, to ED custody till August 8, the agency said. The ED's investigation, initiated based on a December 2024 FIR from Mumbai Police, alleges that Joshi exploited his position to engage in "front-running," an illegal practice where an individual uses unethical and illegal practice in the securities market in which brokers or traders execute orders for their own benefit using advance knowledge of pending client orders. The arrest follows widespread search operations conducted on August 1st and 2nd, 2025, across multiple cities, including Delhi, Mumbai, Gurugram, and Kolkata. According to the ED, Joshi allegedly used a trading terminal in Dubai and a network of "mule trading accounts" to execute these illicit trades, cheating investors of Axis Mutual Fund, which manages assets worth over Rs 2 lakh crore. Initial findings from the ED's probe reveal that the total proceeds of crime generated by Joshi and other traders and brokers involved in the scheme could exceed Rs 200 crore. The investigation is ongoing, and the investigating agency believes the total amount could be significantly higher. These illicit gains were allegedly funnelled through a complex web of shell entities and bank accounts linked to the accused and their family members. During the recent search operations, the ED successfully froze assets worth Rs 17.4 crore, including shares, mutual funds, and bank balances.
NDTV
03-08-2025
- Business
- NDTV
Massive Crackdown Over Rs 200-Crore Front-Running Scam Linked To Axis Mutual Fund
New Delhi: 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.
