Viresh Joshi, former chief trader and fund manager at Axis Mutual Fund, was arrested by the ED Enforcement Directorate on August 2, 2025, under the PMLA Prevention of Money Laundering Act for alleged money laundering linked to front-running trades. ED launched multi-city raids on August 1 and 2 across Delhi, Mumbai, Gurugram, Ludhiana, and notably Ahmedabad, Bhavnagar, Bhuj, and Kolkata, as part of this probe.
The agency has seized assets—including shares, mutual fund units, and bank balances—worth approximately ₹17.4 crore as part of the investigation. The alleged illicit gains from front-running activities are estimated to exceed ₹200 crore, with potentially higher figures still under investigation.A PMLA court has remanded Joshi to ED custody until August 8, 2025, for further interrogation and asset tracing.
