A Lamborghini seems to have blown the lid of a huge front running scandal in a private sector mutual fund.There are now loud whispers of a Rs 1,000 crore scam in a large mutual fund owned by a leading private sector bank involving front running .
Axis Mutual Fund has removed its head trader Viresh Joshi as fund manager from five schemes. Similarly, Deepak Agarwal, the assistant fund manager for equity at Axis MF, is no longer part of schemes like Axis Consumption ETF, Axis Quant Fund, and Axis Value Fund.
Among those who have been removed as fund managers are Chief Trader & Fund Manager Viresh Joshi and Assistant Fund Manager Deepak Agrawal. While Joshi has been with Axis MF since 2009, Agarwal joined the fund house in 2015 as an equity research analyst.