Lamborghini blows lid of alleged Rs 1,000 Cr mutual fund scandal
Released: Released Date – 02:15 PM, Fri – 6 Might 22
New Delhi: A Lamborghini looks to have blown the lid of a big front managing scandal in a non-public sector mutual fund.
There are now loud whispers of a Rs 1,000 crore rip-off in a large mutual fund owned by a primary personal sector bank involving entrance operating by the fund managers and sellers.
The said fund manager appears to be to have been employing a Lamborghini and obtaining luxurious flats in and all around Mumbai. He is reported to be on the payrolls of brokers and accrued modest and midcap shares on behalf of the mutual fund.
Axis Mutual Fund has carried out modifications in fund manager obligations with outcome from May perhaps 4 and Viresh Joshi, who was handling Axis Arbitrage Fund, Axis Banking ETF, Axis Usage ETF, Axis Nifty ETF and Axis Technologies ETF, does not obtain a point out in the new tasks. Deepak Agarwal also does not locate point out in the new composition.
As per Twitter reviews, there is a speculation that these two have been fired from the fund.
The identical comments recommend that Joshi designed Rs 500 crore and owned 14 flats all around Mumbai.
Joshi was mentioned to be instrumental in getting compact and mid cap stocks and boosting them to place with the mutual fund the moment they crossed a certain sizing threshold.
There is also converse that this may be rampant in the Indian mutual fund marketplace and what some claimed on Twitter was an marketplace apply.
It is learnt that the CEO, Chandresh Nigam is also below hearth for overlooking these techniques. Some of the holdings of the fund may possibly face pressure in the marketplaces as excitement spreads all over this scandal.