In a petition pertaining to an alleged multi-crore mutual fund scam case against Viresh Joshi, a former manager at Axis Mutual Fund, and others in connection with the multi-crore "front-running" fraud, the Bombay High Court sent a notice to the Central Board of Investigation (CBI). Soni Parmar's case file was being heard by a bench of justices Revati Mohite-Dere and Dr. Neela Gokhale via attorney Pratap Nimbalkar.
On the basis of Parmar's complaint, the Sion police had previously filed a first information report (FIR). The case was turned over to the Mumbai police's Economic Offenses Wing (EOW). Parmar petitioned the high court to have the probe transferred to the Enforcement Directorate or CBI.
According to the plea, Joshi allegedly manipulated the market while serving as chief dealer for M/s. Axis Assets Management Company Limited from September 2021 to March 2022. According to the plea, Joshi engaged in deliberate document fabrication to hide their tracks in addition to defrauding investors and betraying their confidence.
Additionally, based on confidential information that Joshi sent to stockbrokers, it claims that an investigation by the Securities Exchange Board of India (SEBI) exposed the involvement of Joshi and others in front-running trades. The MF and its investors have suffered unlawful losses as a result, while the accused have gained unlawful gains. Joshi and others were previously subject to a SEBI order that seized up to ₹30.55 crore in unjustly gained money.
