‘Shared sensitive information for personal gains’: Court rejects bail plea of former fund manager of Axis Mutual Fund

“The complaint and the charge-sheet is yet to be filed after completion of the investigation. Merely because as per the orders of the SEBI, the other notices have deposited the amount Rs.30.56 crores, it does not mean that the applicant is absolved from the offence of money laundering. The offence of money laundering is a distinct and standalone offence,” special judge R B Rote said.

In his bail plea, Joshi said he had—during his 14-year tenure—”demonstrated exemplary performance and promoted to Senior Vice President in 2019.”

He had claimed that he had no discretion over the trade selection, timing or price and ‘operated strictly within a tightly regulated framework’. All trades were routed only through empanelled brokers and instruction and execution took place via the Bloomberg Order and Execution Management Systems, ensuring a complete audit trail. He had claimed that other than few ‘uncorroborated’ statements, there is no evidence against him and that he had cooperated in proceedings before the Securities and Exchange Board of India (Sebi) since 2022.

The ED had claimed that an amount to the tune of Rs 91 crore was credited in the bank accounts of his family members from various shell companies and had opposed the bail stating that the probe is still on.

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