Overview

• Viresh Joshi was arrested on August 2 and sent to ED custody until August 8 under the Prevention of Money Laundering Act.
• On August 1, the ED conducted coordinated searches in eight cities under FEMA's civil provisions.
• Investigators froze shares, mutual fund units and bank balances worth ₹17.4 crore during these raids.
• The probe, which stems from a Mumbai Police FIR, has uncovered illicit proceeds exceeding ₹200 crore and is expanding to other traders, brokers and shell entities.
• Authorities allege that Joshi exploited insider trade data from 2018–2021 and used a Dubai terminal and mule accounts to execute pre-emptive front-running trades.