The Enforcement Directorate (ED) conducted search operations in Mumbai and Kolkata under the Foreign Exchange Management Act (FEMA), 1999, as part of an ongoing investigation into front-running allegations on Viresh Joshi concerning Axis Mutual Fund.
During the search operations, which took place on September 9, 2024, the ED seized movable assets in the form of foreign currencies, including GBP, Euro, and AED, valued at Rs. 12.96 lakh. Additionally, various incriminating documents related to overseas immovable properties, foreign bank accounts, and multiple digital devices were confiscated as part of the investigation.
The probe is focused on front-running activities, a market malpractice where individuals use non-public information to make trades ahead of major transactions, thereby profiting illegally. Axis Mutual Fund has been under scrutiny for some time regarding these allegations.
Further investigations are ongoing as authorities work to trace and recover illegal gains tied to this case.
