Unaccounted deposits worth more than Rs 55 crore were seized during I-T raids conducted at the premises linked to ex-fund manager of Axis Mutual Fund Viresh Joshi, along with related sharebrokers, middlemen and entry operators last month.
The Income Tax department raided premises linked to Viresh Joshi along with related sharebrokers, middlemen and entry operators. (Representational Image)
The Income Tax Department on Friday said that it had recovered unaccounted deposits worth more than Rs 55 crore during the search and seizure operations it had conducted on the premises linked to ex-fund manager and chief trader of equities of Axis Mutual Fund Viresh Joshi, along with related sharebrokers, middlemen and entry operators.
The I-T department conducted searches at more than 25 locations spread across Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata on July 28.
During the search operation, the department said that it had seized various incriminating evidence in the form of documents and digital data. The evidence, including sworn statements recorded from various persons, revealed the modus operandi.
The I-T department said that the said fund manager and chief trader were sharing specific trade related information with brokers/middlemen and persons located in certain foreign jurisdictions.
“These persons, in turn, used such information for illicit gains in the share market by trading in such scrips either in their own account or account of their clients. 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 into the bank accounts of companies/entities incorporated in India and other low tax jurisdictions,” the tax department said in its statement.
Evidence of large-scale unaccounted investment in cash loans, fixed deposits, immovable properties and their renovation have also been found and seized, the I-T department said. More than 20 lockers have been put under restraint and unaccounted deposits exceeding Rs. 55 crore have been seized so far.
Further investigation is underway.
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