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News Topical, Digital Desk : ED has arrested former fund manager of Axis Mutual, Viren Joshi, who managed a fund of Rs 2 lakh crore, on charges of money laundering.
Joshi is accused of earning more than Rs 200 crore by misusing confidential company information related to trading in the stock market between 2018 and 2021 while being a fund manager.
Important documents recovered
Before the arrest, the ED claimed to have recovered important documents by conducting raids in Delhi, Mumbai, Gurugram, Ludhiana, Ahmedabad, Bhavnagar, Bhuj and Kolkata on Friday and Saturday.
Joshi was arrested in this case on Saturday itself and on Sunday the court sent him on ED remand till August 8, where he is being interrogated.
ED is busy finding out
A senior ED official said that being the manager of a mutual fund worth Rs 2 lakh crore, Joshi had access to a lot of sensitive information related to the company.
They misused this information and earned huge profits. In technical terms, this is called 'front running', which is unethical and illegal. For this, mutual accounts were used through a terminal based in Dubai. These mutual accounts were provided by companies and brokers trading in the stock market.
Obviously, along with Joshi, these companies and brokers also earned money. ED is busy finding out the income of all these people. Obviously, the amount of black money can be more than Rs 200 crore. ED's investigation revealed that the money earned through mule accounts was moved around through fake companies and bank accounts.
In whose name were the accounts
All these accounts were in the name of Joshi and his relatives. Rs 17.4 crore deposited in these accounts has been frozen. A senior ED official said that the Income Tax Department first got wind of this scam in 2022 and based on its investigation, the Mumbai Police also registered an FIR. Based on the Mumbai Police FIR, the ED registered a case of money laundering.
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