Axis Mutual Fund case: I-T dept raids premises of Viresh Joshi, other brokers

The Income Tax department on July 30 conducted searches on premises linked to Viresh Joshi, the former chief trader, and fund manager of Axis mutual fund, middlemen, and several brokers on allegations of suspected tax evasion, CNBC-TV18 reported.

The searches continued on July 31 as well.

Viresh Joshi has filed a lawsuit accusing the asset management company of unfairly terminating his employment in connection with a suspected front-running case.

Axis Asset Management Co. Ltd. (Axis AMC), India’s seventh largest mutual fund house with assets worth Rs 2.43 trillion, sacked Joshi on May 18 in the case in which Joshi and his former colleague and assistant fund manager Deepak Agarwal are under investigation.

The fund house also sacked Agarwal on May 20. Axis AMC had first suspended Joshi on May 3 before letting him go.

(This is a developing story, please check back for more details)