After tax raids on the former manager of Ex-Axis Mutual Fund, unaccounted deposits of Rs. 55 billion were seized.

Central Board of Direct Taxes officials raided Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, some share brokers, and others . The raids were conducted by the CBDT, who found evidence of large-scale hidden investments .

On Friday, the Central Board of Direct Taxes officials raided Viresh Joshi, a former chief trader and fund manager of Axis Mutual Fund, some share brokers, and others, and discovered evidence of large-scale hidden investments, according to a statement.These individuals, including family members of the fund manager, admitted in their statements that the unaccounted cash generated from the above operations was routed primarily through Kolkata-based shell (bogus) entities into their bank accounts.Funds have been further diverted into the bank accounts of companies registered in India and other low tax jurisdictions from these bank accounts.According to the CBDT, the gleaning of seized evidence has revealed the relationship between the ex-fund manager, middlemen, stock brokers, and entry agents.Documents and records related to large-scale unaccounted investment in cash loans, fixed deposits, immovable assets, and their repair, etc.

According to the statement, unaccounted funds totaling Rs 55 crore have been confiscated so far, and more than 20 lockers have been sealed by the department's officers during the raids.