Overview

• Enforcement Directorate teams conducted searches from August 1 across Delhi, Mumbai, Gurugram, Ludhiana, Ahmedabad, Bhavnagar, Bhuj and Kolkata under the PMLA.
• Joshi is alleged to have exploited confidential Axis Mutual Fund trade data between 2018 and 2021 to execute pre-emptive transactions through proxy accounts.
• Investigators have uncovered a web of traders and brokers suspected of laundering more than Rs 200 crore in proceeds through shell companies and mule trading structures.
• During the raids, the ED froze assets including shares, mutual fund holdings and bank balances valued at Rs 17.4 crore as proceeds of crime.
• The current action builds on a December 2024 FIR by Mumbai Police and earlier Income Tax Department searches in 2022.