Wednesday
September, 28

Tax raids on ex-Axis MF execs, brokers reveal unlawful funds

MUMBAI: Searches by the earnings tax division have allegedly revealed unaccounted deposits value Rs 55 crore and different investments involving two former workers of Axis MF, brokers and different gamers, together with entry operators. IT sleuths additionally discovered proof of alleged routing of unlawful cash by these two entities to overseas tax havens by hawala channels, the finance ministry stated in a press release on Friday.
Viresh Joshi and Deepak Agarwal, two former workers of Axis MF, have been below the lens for his or her alleged function in front-running. However the IT probe has gone past them, though nobody has been named within the assertion.
In keeping with the discharge, the tax division on July 28 carried out a “search and seizure operation” on a former fund supervisor and a chief seller of equities of Axis MF, together with “associated share brokers, middlemen and entry operators”. The operation coated greater than 25 locations, “unfold throughout Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata”. Through the search operation, the IT division discovered varied “incriminating proof”, together with paperwork and digital knowledge, which had been seized. “This proof gathered through the search together with sworn statements recorded from varied individuals have revealed the modus operandi,” the discharge stated.
In mid-Could, after inner investigations by Axis MF confirmed that the 2 had been concerned in unlawful transactions, each had been sacked and the fund home alerted Sebi. The regulator too is probing the actions of the duo. The accused seller and fund supervisor used to share particular trade-related data with brokers, middlemen and individuals based mostly abroad. These folks used these suggestions for unlawful beneficial properties from the inventory market.
“These individuals together with relations of the fund supervisor have admitted of their statements that the unaccounted money generated from the above operations was routed primarily by Kolkata-based shell entities into their financial institution accounts. From these financial institution accounts, funds have been additional diverted,” the discharge stated.

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