Police book ex-Axis MF manager in multi-crore front-running fraud
5 days, 12 hours ago

Police book ex-Axis MF manager in multi-crore front-running fraud

Hindustan Times  

MUMBAI: The Sion police have registered a case against Viresh Joshi, a former manager at Axis Mutual Fund, and others, in connection with the multi-crore ‘front-running’ fraud. Police book ex-Axis MF manager in multi-crore front-running fraud Police said the accused had leaked insider information relating to Axis MF’s investment plans to stock brokers, and the brokers earned large sums using the information – a fraud known as ‘front running’ in the capital market. The First Information Report registered by the Sion police stated that Joshi had fixed deposits worth ₹54 crore, several flats in Mumbai valued at around ₹150 crore, and properties in London as well. “We have registered a case against Viresh Joshi, former chief fund dealer at Axis Mutual Fund, market operator Sumit Desai, Pranav Vora, who arranged trading accounts, Dubai-based Brijesh Kurani, and a certain Vaibhav Pandya,” said a police officer.

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History of this topic

HC issues notice to CBI in ex-Axis MF manager’s front-running fraud case
3 days, 12 hours ago

HC issues notice to CBI in ex-Axis MF manager’s front-running fraud case

Hindustan Times  

Mumbai: The Bombay High Court on Friday issued a notice to the Central Board of Investigation in a plea related to an alleged multi crore mutual fund scam case against Viresh Joshi, a former manager at Axis Mutual Fund, and others, in connection with the multi-crore ‘front-running’ fraud. A bench of justice Revati Mohite-Dere and justice Dr. Neela Gokhale was …

Rajasthan Minister Mahesh Joshi and 22 Others Accused of Rs 1,000-Crore Jal Jeevan Mission Scam
2 months ago

Rajasthan Minister Mahesh Joshi and 22 Others Accused of Rs 1,000-Crore Jal Jeevan Mission Scam

India Today  

Former Rajasthan minister Mahesh Joshi and 22 others have been arrested in connection with an alleged Rs 1000-crore Jal Jeevan Mission scam. The allegations include misappropriation of funds with the connivance of officials and contractors of the PHED department in the implementation of the scheme in Rajasthan.

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK
3 months, 4 weeks ago

FEMA probe against fund manager: ED seizes ₹12.96 L forex, trace properties in UK

Hindustan Times  

MUMBAI: The Enforcement Directorate has seized foreign currency worth around ₹12.96 lakh during searches conducted as part of its FEMA investigation against Viresh Joshi, a former fund manager at Axis Mutual Fund, for alleged contravention of the forex rules. ED initiated its investigation based on an interim order passed by the Securities and Exchange Board of India, which accused Joshi …

ED initiates FEMA probe against former Axis fund manager
3 months, 4 weeks ago

ED initiates FEMA probe against former Axis fund manager

Hindustan Times  

MUMBAI: The Enforcement Directorate on Monday carried out searches as part of its Foreign Exchange Management Act probe against Viresh Joshi, a former fund manager of Axis Mutual Fund, for alleged contravention of the forex rules. Joshi was earlier under the scanner of the Income Tax department in August 2022, when it carried out a search -and-seizure operation at more …

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction
6 months, 3 weeks ago

Axis Bank fined ₹1.66 crore for failing to detect and report fraud NSG account and transaction

Hindustan Times  

Axis Bank has been fined more than ₹1.66 crore by the Financial Intelligence Unit for "failing" to place a mechanism to detect and report suspicious transactions, following one such incident at one of its branches involving a fraudulent account in the name of counter-terrorist commando force NSG, PTI reported. Representational An Axis Bank manager was alleged to have been part …

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore
1 year, 11 months ago

CBI books directors of Chennai steel firm for cheating bank of ₹25.89 crore

The Hindu  

The Central Bureau of Investigation has booked the directors of a steel firm on charges of cheating the Indian Overseas Bank and causing a loss to the tune of ₹25.89 crore. The agency’s Economic Offences Branch has registered a case against M/s SAR ISPAT Private Ltd., and its directors Sanjay Kumar Sharma, Sandeep Kothari, Vikranth Sharma and others, for the …

Axis MF issues statement on reports of search operations at offices
2 years, 7 months ago

Axis MF issues statement on reports of search operations at offices

Live Mint  

Axis Mutual Fund said it continues to work and corporate with regulatory authorities after reports suggested that certain actions have been conducted by the regulatory authorities concerning the AMC, and related issues. The statement comes after reports suggested that SEBI is carrying out search and seizure operations at various offices of Axis MF as part of the ongoing probe into …

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