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

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

Joshi is accused of leveraging non-public information to conduct illicit trades. He allegedly used multiple “mule” accounts to conceal his activities and reap substantial illegal profits.

The ED’s investigation revealed a sophisticated operation involving the misuse of confidential market data. The agency has frozen assets worth Rs 17.4 crore linked to the scam.

Joshi is currently in ED custody, facing charges under relevant sections of the Prevention of Money Laundering Act (PMLA). The arrest sends a strong message about the government’s commitment to cracking down on financial crimes within the mutual fund industry.

This case underscores the critical need for stricter regulatory oversight and enhanced transparency within the financial sector to protect investor interests and maintain market integrity. The investigation’s outcome will have significant implications for investor confidence and regulatory reforms in the mutual fund industry.

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.