Axis Mutual Fund Scam Explained: Inside Viresh Joshi’s ₹300 Crore Front-Running Fraud
Who Was Viresh Joshi – Axis Mutual Fund’s Star Trader Turned Scamster? Viresh Joshi, once a senior fund manager at Axis Mutual Fund, held key responsibility for managing top funds like Axis Bluechip Fund. He had access to sensitive trade data, which he abused to run what is now known as India’s biggest front-running scam. His downfall began in 2022 when irregular trades flagged a deeper rot. Background: Education and Career Journey While limited public data exists on Joshi’s early life, records confirm he earned an MBA in Finance and worked with firms like DHFL Pramerica and IIFL Wealth before joining Axis AMC in 2018. Information about his family or personal background remains undisclosed, possibly due to ongoing investigations. Front-Running Scam: Key Facts at a Glance Parameter Details Scam Type Front-running (trading ahead using insider info) Key People Involved Viresh Joshi (Trader), Deepak Agarwal (Broker) Timeframe 2019 – 2022 (Exposed in May 2022) Estimated Gains ₹300+ Crore Entity Involved Axis Asset Management Company (Axis AMC) How the Scam Was Executed: Step-by-Step Breakdown Joshi used his privileged access to Axis’s trading strategies to leak information to outside brokers. Here’s how the fraud unfolded: How the Axis Mutual Fund Fraud Came to Light By April 2022, Axis AMC’s internal audit system detected patterns of pre-positioned trades mirroring actual fund activity. Major triggers: This led to investigations by the Securities and Exchange Board of India (SEBI), Enforcement Directorate (ED), and the Central Bureau of Investigation (CBI). Arrests, Investigations & Regulatory Action Latest Case Developments (2024 Update) Legal Proceedings: Market Impact: Reforms & Compliance: Key Lessons for Investors & Institutions
