Matunga Police files FIR against former Axis Mutual Fund manager in ₹2.52 lakh crore front-running fraud case | Representational Image
Mumbai: Businesswoman Files Fraud Case Against Axis Mutual Fund Dealer Viren Joshi for Alleged Misappropriation of Funds. Soni Jitendra Parmar (51), a businesswoman residing at Wadala, Mumbai, has filed a case against Viren Joshi, a senior dealer of Axis Mutual Fund, accusing him of large-scale financial fraud.
The complaint, initially filed in Kurla Court, led to a directive for the Senior Inspector of Sion Police Station to register a case and investigate the matter further.
According to Police, Complainant Soni Parmar maintained a bank account with Axis Bank’s Sion branch and was an investor in Axis Mutual Fund. Joshi, as the chief dealer, allegedly breached confidentiality by leaking sensitive investment information to unauthorized individuals and private companies between September 2021 and March 2022, compromising market integrity.
Parmar named several associates of Joshi involved in the scheme, including Sumit Desai, Pranav Vora, Brijesh Kurani, and Vaibhav Pandya. She accused them of creating shell companies under the Marfatia Group, Woodstock Group, and Kurani Group.
Joshi allegedly used multiple mobile phones to communicate confidential trade strategies, transferring high-value transactions to personal accounts linked to Dubai-based trading terminals managed by these accomplices.
The complaint further states that illegal trading operations generated profits of ₹30.56 crore, out of which Joshi personally earned ₹12 crore. Additionally, a Dubai-based account linked to Kurani Group was used to launder ₹11.62 crore during April-May 2022, converting the amount from Dirham to Indian Rupees.
The financial trail allegedly leads to offshore holdings, including substantial fixed deposits and prime real estate in Mumbai and London valued at over ₹150 crore.
Complainant Parmar also referenced an ongoing investigation by SEBI, where an ex-parte order dated February 28, 2023, imposed restrictions on Joshi and his associates under multiple sections of the SEBI Act, 1992.
Furthermore, the Income Tax Department reportedly seized ₹55 crore linked to his undeclared assets. Axis Mutual Fund’s 66 lakh investors collectively suffered an estimated loss of ₹2.52 lakh crore due to unauthorized trading and share manipulation orchestrated by Joshi and his network.
Parmar’s complaint demands criminal charges under provisions related to fraud, conspiracy, and forgery. On December 23, Sion police have registered FIR against Viresh joshi, Sumit Desai, Pranav Vora, Brijesh Kurani and Vaibhav Pandya under sections 417, 420, 406, 465, 467, 468, 477(A), 120(B) and 34 of IPC. This case has been transferred to EOW for further investigation, Said DCP Ragsudha.
