The Income Tax department conducted raids on premises linked to former chief trader and fund manager of Axis mutual fund 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 front running.
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 mutual funds in the country with assets under management to the tune of Rs 2.59 trillion, is facing allegations of front running and a reported regulatory probe.
“SEBI has found certain transactions that point towards Joshi being involved in front running 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.
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