The Enforcement Directorate (ED) seized movable assets, including foreign currencies (GBP, Euro and AED) valued at Rs12.96 lakh during searches under the Foreign Exchange Management Act (FEMA) 1999, across multiple locations in Mumbai and Kolkata since Monday as part of an ongoing investigation into an alleged front-running business linked to Axis Mutual Fund.
Additionally, incriminating documents related to overseas immovable properties, foreign bank accounts, and digital devices were confiscated, the ED said in an official statement.
The ED investigation stems from an interim order by the Securities and Exchange Board of India (SEBI), which levied allegations of frontrunning against Viresh Joshi, former chief trader and fund manager at Axis Mutual Fund, and others.
This story is from the September 12, 2024 edition of The Free Press Journal.
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This story is from the September 12, 2024 edition of The Free Press Journal.
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