Axis Mutual Fund probe: I-T dept raids ex-fund manager Viresh Joshi's house

view original post
The conducted raids on premises linked to former chief trader and fund manager of Viresh Joshi on Saturday, reported to The Economic Times. The I-T department also conducted raids on premises linked to middlemen and several brokers on allegations of suspected tax evasion.

Joshi was sacked in May by the Axis Asset Management Company over allegations of .

The I-T dept officials also questioned Joshi and the brokers involved in the case, ET reported quoting sources, who added that the I-T action came based on the information shared by market regulation Sebi.

Axis AMC, which is one of the leading in the country with assets under management to the tune of Rs 2.59 trillion, is facing allegations of and a reported regulatory probe.

“SEBI has found certain transactions that point towards Joshi being involved in and thereby accumulating assets disproportionate to his income. There are allegations of tax evasion and siphoning of funds abroad and therefore searches have been commenced,” sources told ET.

“Axis AMC has been conducting a suo moto internal investigation since February 2022, using reputed external advisors to assist with this ongoing investigation,” the company had said in a statement while sacking Joshi.

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sun, July 31 2022. 11:16 IST

Related Posts