HomeLatest News & UpdatesEx-Axis MF officials found huge funds in IT red IV news

Ex-Axis MF officials found huge funds in IT red IV news

  • Evidence was also found that funds were sent to tax haven countries through hawala channels
  • The operation covered over 25 locations including Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata.
  • Statements of various persons along with the evidence collected during the search were recorded

A search conducted by Income-tax officials of 2 ex-officers of Axis Mutual Fund, brokers and entry operators found Rs. 55 crores of unaccounted funds and other investments have been unearthed. The Finance Ministry said in a statement on Friday that officials of the IT department have also found evidence of these illegal funds being sent to foreign tax haven countries through hawala channels by these 2 entities. It may be noted that two former employees of Axis Mutual Fund, Viresh Joshi and Deepak Agarwal, are on the radar of investigating agencies for their alleged role in front-running. However, IT investigations have gone too far.

IT raids were conducted at more than 25 locations

The operation covered more than 25 locations including Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata. Documentary and digital evidence incriminating the IT department was found in the raid, which has been seized. The statement of the ministry said that the statements of various persons along with the evidence collected during the search have been recorded.

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