Axis Mutual Fund fires fund manager accused of fraud

Axis Mutual Fund has sacked its chief trader and fund manager Viresh Joshi, effective immediately, the fund house has announced.

On May 4, Axis AMC suspended Mr. Joshi and another fund manager.

Axis MF, in an official statement, said: “Axis AMC has been conducting an internal suo moto investigation since February 2022, using reputable external advisors to assist in this investigation.”

“Following our ongoing investigation, his conduct and following the decision to suspend him, the employment of Mr. Viresh Joshi (Chief Trader and Fund Manager) at Axis AMC and Axis Mutual Fund has been terminated with effective May 18, 2022,” the company said.

As a result, Mr. Joshi ceases to be a key person at Axis AMC, the fund house said.

Mr Joshi reportedly faced charges of front running or passing tips on mutual fund transactions to brokers instead of financial benefits.

According to media reports, the said fund manager appears to have used a Lamborghini and purchased luxury apartments in and around Mumbai. He is said to be on the brokers payroll and has accumulated small and mid cap stocks on behalf of the mutual fund.

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Dolores W. Simon