The Income Tax Division on Saturday carried out searches at premises linked to Viresh Joshi, the former chief broker and fund supervisor of Axis Mutual Fund, center men and several other officers on allegations suspected tax evasion.

Joshi was sacked in May by the asset control firm after allegations of going into business and dealer bills surfaced.

Sources said the raids that began on Saturday included the questioning of Joshi and officers where noted. These resources added that the IT move is in line with guidelines shared through SEBI.

Front-running is the buying and selling of stocks or another monetary asset through a dealer who has the inside wisdom of a long-term transaction that is about to affect its value considerably.

“SEBI has found certain transactions which indicate that Joshi is involved in front running and thereby accumulating assets disproportionate to his income. There are allegations of overseas tax evasion and embezzlement and research has therefore been launched,” informed the sources within the ET.

Joshi was no longer immediately to be noticed. In June, he sued fund space seeking Rs 54 crore in damages from fund space for him for alleged wrongful dismissal and loss of due process in the settlement.

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