NEW DELHI: In a foreign exchange management act violation case against Axis Mutual Fund , ED over the last three days searched premises in Mumbai and Kolkata and seized foreign currencies worth Rs 13 lakh, incriminating documents pertaining to overseas properties, overseas bank accounts and digital devices.
ED said its probe identified two properties in the UK worth Rs 14 crore purchased from alleged laundered proceeds of crime. ED's investigation is based on an interim order passed by Sebi levelling allegations of front running business against Viresh Joshi and others for earning "wrongful gains" of Rs 31 crore.
" Joshi was allegedly sharing market-sensitive information in return for kickbacks from brokers having terminals in Dubai who could execute trade on his instructions," said ED. Joshi used Kolkata-based operators to route the cash in accounts of shell entities which gave unsecured loans to Joshi, his family and firms beneficially owned by them, it added.
ED said its probe identified two properties in the UK worth Rs 14 crore purchased from alleged laundered proceeds of crime. ED's investigation is based on an interim order passed by Sebi levelling allegations of front running business against Viresh Joshi and others for earning "wrongful gains" of Rs 31 crore.
" Joshi was allegedly sharing market-sensitive information in return for kickbacks from brokers having terminals in Dubai who could execute trade on his instructions," said ED. Joshi used Kolkata-based operators to route the cash in accounts of shell entities which gave unsecured loans to Joshi, his family and firms beneficially owned by them, it added.
