ED Seizes Rs 12.96 Lakh in Foreign Currency, Documents in Axis Mutual Fund Probe

By A Staff Reporter

In a significant development, the Enforcement Directorate (ED) has seized properties worth Rs 12.96 lakh in foreign currencies and a range of incriminating documents related to overseas immovable properties and bank accounts. The action comes as part of an ongoing investigation into a front-running case involving Axis Mutual Fund.

The ED conducted searches two days ago at multiple locations across Mumbai and Kolkata under the Foreign Exchange Management Act (FEMA), 1999. The seized assets also include digital devices that are suspected to contain crucial information related to the case. These searches are part of a larger probe aimed at uncovering illicit financial activities linked to front-running, a market manipulation practice where confidential information is used to make trades for personal gain before the public is aware.

Authorities are looking into overseas properties and bank accounts connected to individuals associated with the mutual fund, believed to be involved in fraudulent transactions.

The ED's swift action is seen as a major step forward in cracking down on illegal financial activities under FEMA. This seizure adds to the ongoing efforts to ensure compliance with regulations governing foreign exchange and money laundering in the country. Further investigations are expected to uncover more details regarding the individuals and entities involved in the Axis Mutual Fund case, as authorities continue to probe deeper into financial irregularities.