Axis MF Scam: ED Nets Former Chief Dealer in Rs 200 Crore Front-Running Case

The Enforcement Directorate (ED) on August 3, 2025, arrested Viresh Gangaram Joshi, the former Chief Dealer of Axis Mutual Fund, in connection with a massive Rs 200 crore front-running scam. The alleged illegal activities spanned from 2018 to 2021.

Joshi is accused of leveraging non-public information to execute trades through shell accounts, thereby generating significant illicit profits. This sophisticated operation involved exploiting his privileged position within the fund house.

The ED’s investigation has led to the freezing of assets worth Rs 17.4 crore linked to Joshi. He is currently in ED custody and faces further questioning.

This arrest sends a strong message about the government’s commitment to cracking down on financial crimes within the mutual fund industry. The case highlights the urgent need for robust regulatory oversight and stringent internal controls to prevent such scams and protect investor interests. The impact on investor confidence and the potential for further investigations remain key concerns.

Karanveer Sharma

A dedicated journalist and legal expert with a passion for uncovering the truth and advocating for justice. With hands-on experience in investigative journalism, legal research, and case analysis, I possess a strong ability to break down complex legal and societal issues into clear, impactful narratives. My work is driven by a commitment to transparency, integrity, and empowering people with accurate, insightful information.