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Tax raids on ex-Axis MF execs, brokers reveal illegal funds – Times of India

MUMBAI: Searches by the earnings tax division have allegedly revealed unaccounted deposits value Rs 55 crore and different investments involving two former staff of Axis MF, brokers and different gamers, together with entry operators. I-T sleuths additionally discovered proof of alleged routing of illegal cash by these two entities to international tax havens by means of hawala channels, the finance ministry mentioned in an announcement on Friday.
Viresh Joshi and Deepak Agarwal, two former staff of Axis MF, have been below the lens for his or her alleged position in entrance-operating. But the I-T probe has gone past them, though nobody has been named within the assertion.
According to the discharge, the tax division on July 28 carried out a “search and seizure operation” on a former fund supervisor and a chief seller of equities of Axis MF, together with “related share brokers, middlemen and entry operators”. The operation lined greater than 25 locations, “spread across Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata”. During the search operation, the I-T division discovered numerous “incriminating evidence”, together with paperwork and digital knowledge, which had been seized. “This evidence gathered during the search including sworn statements recorded from various persons have revealed the modus operandi,” the discharge mentioned.
In mid-May, after inner investigations by Axis MF confirmed that the 2 had been concerned in illegal transactions, each had been sacked and the fund home alerted Sebi. The regulator too is probing the actions of the duo. The accused seller and fund supervisor used to share particular commerce-associated info with brokers, middlemen and individuals primarily based abroad. These folks used these suggestions for illicit beneficial properties from the inventory market.
“These persons including family members of the fund manager have admitted in their statements that the unaccounted cash generated from the above operations was routed mainly through Kolkata-based shell entities into their bank accounts. From these bank accounts, funds have been further diverted,” the discharge mentioned.

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