Overview

• Special PMLA judge R B Rote rejected Viresh Joshi’s bail last week, with the detailed order released on Friday.
• The Enforcement Directorate alleges Joshi shared confidential Axis Mutual Fund trade information to front-run orders, generating Rs 30.56 crore in gains.
• Investigators say about Rs 91 crore moved through family accounts and shell companies, with funds used to buy properties in India and overseas.
• The court cited the seriousness of economic offences, the risk of evidence tampering, and the fact that the complaint and charge-sheet have not yet been filed.
• Joshi’s defence argues he lacked discretion over trades, points to Bloomberg system audit trails, and notes SEBI-ordered disgorgement of Rs 30.56 crore that it says has been deposited.