Overview

• A Special PMLA Court in Mumbai sent Joshi to judicial custody on August 8 after his six-day ED interrogation ended without further agency custody requests.
• Investigators have seized Rs 91 crore from 31 bank accounts of Joshi and his family but suspect total proceeds of crime to be around Rs 300 crore.
• The ED is examining 282 mule accounts and shell companies used to layer and transfer illicit gains, including overseas property transactions.
• The money-laundering case originates from a December 2024 Mumbai Police FIR under multiple IPC sections for criminal conspiracy, breach of trust, cheating and forgery.
• Prior probes by SEBI and the Income Tax Department uncovered Joshi’s misuse of confidential Axis Mutual Fund order data and unsupervised mobile trading during the COVID-19 pandemic.