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Tuesday,26-November-2024
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Axis MF Manager on I-T radar for Lamborghini buy, luxury flats

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Former Chief Trader and Fund Manager of Axis Mutual Fund Viresh Joshi is on the radar of the Income Tax Department amid allegations of irregularities.

Joshi has been accused of taking bribes from the brokers in lieu of sharing mutual fund’s tips.

It has been alleged that he made huge financial gains from the brokers and bought a Lamborghini and several luxury apartments in Mumbai.

It was also alleged that brokers used to pay him on a monthly basis. Joshi allegedly invested in mutual funds by buying many Midcap and smallcap stocks to benefit the brokers and himself.

The I-T department has reportedly formed a team of its elite officials to look into the alleged front-running scam and the Axis Mutual Fund. Around 12 fund managers, including Joshi, are on the radar of the I-T department.

The Axis Bank had said that it had on May 4 suspended Joshi and other fund managers on the charge of alleged front-running.

The Income Tax Department was surprised as the accused didn’t furnish information about their real estate in the tax filing, which was later detected.

The I-T department in its preliminary inquiry found that the fund managers have a number of commercial and non commercial assets, which they allegedly hid in their tax filing. They had even shown that they were not earning from their real estate businesses.

The I-T department has learnt that the fund managers were earning rent from their properties on which the tax was not paid.

The department is also looking into their sources of income, as to how the fund managers were able to buy luxury apartments and other properties.

The fund managers will now face the tax evasion case and there are also possibilities that they might face a parallel probe on their sources of income.

In coming days, the I-T department could summon all of the fund managers to appear before it and furnish the documents regarding their sources of income.

Crime

Badshah Chandigarh Club Blast: Lawrence Bishnoi’s Close Aide Goldy Brar Takes Responsibility; FB Post Goes Viral

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Badshah Chandigarh Club Blast: Lawrence Bishnoi's Close Aide Goldy Brar Takes Responsibility; FB Post Goes Viral

Gangster Goldy Brar, who is a member of Lawrence Bishnoi’s gang, has taken responsibility for the blast at rapper-singer Badshah’s club in Chandigarh. On Monday night (November 25), two explosions were reported outside clubs in Sector 26. The incident raised concerns of a possible extortion attempt. It took place near Seville Bar and Lounge, and the De’ Orra Club. CCTV footage from the scene has also surfaced which shows a man throwing suspected crude bombs outside the clubs before fleeing the area.

Now, in a Facebook post, Goldy Brar has confirmed that his gang was behind the blast.

Taking responsibility, he wrote on the social media platform that the members of his gang had called the club owners for ‘protection money’, however, they ignored their calls.

He stated that the attack was to threaten them and give them a warning.

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Crime

Mumbai: AIU Officers Nab Transit Passenger & Airport Staff With 24 KT Of Gold Dust Worth ₹2.7 Crore

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Mumbai: Based on profiling, AIU officers maintained discreet surveillance on a transit passenger who had arrived from Dubai to Mumbai and was scheduled to depart for Male.

About The Operation

During this operation, officers observed the transit passenger handing over an item to a private airport staff, immediately both the staff member and the transit passenger were intercepted by the officers. A personal search of the private airport staff revealed the concealment of 24 KT gold dust in wax form (12 pieces), with a gross weight of 3.976 kg and provisional net weight of 3.800 kg, and provisionally valued at ₹2.714 Crore.

The gold dust was hidden inside transparent self-sealing pouches and placed in the pockets of the pants worn by the private airport staff. During questioning, the private airport staff admitted that the gold had been handed over by the same transit passenger who had been under AIU surveillance. Both individuals were arrested under the Customs Act of 1962.

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Crime

Mira-Bhayandar: Police Busts Illicit Liquor Brewing Den In Nallasopara

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Mira Bhayandar: Further tightening their screws against illicit liquor mafia ahead of the assembly elections scheduled to be held on 20, November, the Mira Road-based central crime branch unit attached to the Mira Bhayandar-Vasai (MBVV) police busted yet another massive illicit liquor brewing unit which was operating from a hillock in a dense jungle area in Nallasopara on Thursday.

Acting on a tip-off, a team led by assistant police inspector- Dattatray Sarak marched 2-kilometre-deep inside the jungle area located in the Dhaniv Baug area of Nallasopara (east) at around 8 am.

The team seized multiple barrels of hooch along with ingredients including 2,800 litres of fermented jaggery wash, 140 litres of liquor, chemicals and other manufacturing equipment collectively worth more than Rs. 1.42 lakh.

However, the den operator identified as- Prabhakar Bhoye and his employees managed to evade the police dragnet. The entire material and equipment were destroyed on the spot.

An offence under the relevant sections of the Maharashtra Prohibition Act-1949 for construction/works of any distillery or brewery and manufacturing intoxicants has been registered in this context at the Pelhar police station.

The consumption of illicit liquor which is unscientifically manufactured by using toxic chemicals like methanol and rectified spirit can cause deaths and other serious ailments including loss of eyesight. Further investigations were underway.

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