ED arrests ex-Axis Mutual Fund chief dealer in Rs 200-crore front-running scam
Investigators revealed that Joshi used a terminal in Dubai to execute front-running trades through mule trading accounts sourced from various brokers. The scheme, according to ED, defrauded Axis Mutual Fund investors, with the fund managing assets worth over Rs 2 lakh crore. In addition to Joshi, several traders and brokers are also under scrutiny for allegedly misusing advance trade information to earn illegal profits — categorised as Proceeds of Crime (POC) under PMLA.So far, ED has identified over Rs 200 crore in illicit gains from the fraudulent activity, though officials believe the actual amount may be considerably higher. The proceeds were reportedly routed through a network of shell entities and bank accounts owned by the accused and their close associates.During the two-day search operation, ED froze assets — including shares, mutual funds, and bank balances — worth Rs 17.4 crore. The key accused, Viresh Gangaram Joshi, was arrested on August 2 and produced before the competent court, which granted ED custody until August 8 for further investigation.Front-running, the core of the scam, is an illegal practice wherein brokers or traders use advance knowledge of client orders to benefit themselves, undermining market fairness and harming other investors.Further investigation is ongoing, with more individuals likely to come under the scanner in the coming days.- Ends
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