"Unaccounted" Deposits Worth Rs 55 Crore Seized After Tax Raids On Ex-Axis Mutual Fund Manager
NDTV
The raids were launched on July 28 and more than 25 premises in Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata were covered including that of "middlemen and entry operators (hawala operators)."
The Income-tax department has seized "unaccounted" deposits worth more than Rs 55 crore and unearthed "evidences" of large-scale hidden investments after it recently raided Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, some share brokers and others, the Central Board of Direct Taxes officials said Friday.
The raids were launched on July 28 and more than 25 premises in Mumbai, Ahmedabad, Vadodara, Bhuj and Kolkata were covered including that of "middlemen and entry operators (hawala operators)."
Documents seized during the searches "including sworn statements recorded from various persons have revealed the modus operandi that the said fund manager and chief trader were sharing specific trade related information with brokers/middlemen and persons located in certain foreign jurisdictions, " the CBDT said in a statement.
"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," it said.
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