The Enforcement Directorate (ED) has arrested Viresh Joshi, the former chief trader and fund manager of Axis Mutual Fund, in connection with a massive front-running scam involving alleged investor fraud exceeding ₹200 crore2. 🕵️‍♂️ Key Details of the Case Nature of the Crime: Joshi is accused of front-running, an illegal practice where traders use confidential information about upcoming large trades to place their own orders first, profiting unfairly. Period of Offense: The trades in question occurred between 2018 and 2021, during Joshi’s tenure at Axis Mutual Fund. Modus Operandi: Used a trading terminal in Dubai to execute trades via mule accounts sourced from brokers. Routed illicit profits through shell companies and family-owned bank accounts. Scale of Fraud: ED estimates illicit gains exceed ₹200 crore, with potential for a much higher figure. Axis Mutual Fund had over ₹2 lakh crore in assets under management at the time. Legal Action: Joshi was arrested on August 2, 2025, and remanded to ED custody until August 8. ED has frozen assets worth ₹17.4 crore, including shares, mutual funds, and bank balances. The case stems from a Mumbai Police FIR filed in December 2024.

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