Is a Big Scam unfolding?: Axis Bank Mutual Fund - worth Checking

Is a big scam suspected in Axis bank mutual fund?( ceo also likely to be suspected )

Axis mutual fund top holding

Torrent power

Naukri

Coforge

Naukri & coforge already down more than 10 %

Torrent power only down 3-4 % as of now.

Here are our assessment of the same:-

1. It’s a case of Front running by the fund managers that I have been tracking since Monday(02 May 2022).

2. What is Front running? Also known as tailgating. It is a prohibited practice of entering into an equity or debt based instrument trade in advance, based on some nonpublic knowledge of a large pending transaction that will influence the price of the underlying security.

3. In the instant case, it appears that the fund managers took trades in advance of the large orders being placed through the mentioned schemes managed by them. The prominent names of scripts floating in social media are Info edge, Torrent power, Coforge & Divislab, etc.

4. Should the investors of the mentioned Axis MF schemes be worried?* Though, there is no need to panic but be cautious ‘yes’. At the same time, it does put a major question mark on the quality of the management of the mentioned mutual fund AMC.

Make money using our bank nifty option tip on a daily basis.

Axis Mutual Funds fired two fund managers – Viresh Joshi and Deepak Agarwal on allegations of front running stocks. 

Front running is an illegal practice by which a broker trades in a security based on inside information which may have a significant price impact. Details are still scarce at the moment but reports indicate that the fraud may run into a couple of hundred crores. Although we think it may be more than that. 

Head trader and fund manager Viresh Joshi, the prime accused, enjoyed a lavish lifestyle. He is believed to be a huge fan of expensive sports cars cough Lamborghini cough and has multiple properties in Mumbai’s posh localities.