The Enforcement Directorate had conducted search operations at various locations in Mumbai and Kolkata as part of an ongoing probe in a case of front-running business related to Axis Mutual Fund.
The searches were conducted on Monday under the Foreign Exchange Management Act, 1999, the ED posted on X.
ED, Mumbai has conducted search operations on 09.09.2024, under the FEMA, 1999 at various locations in Mumbai and Kolkata as part of an ongoing probe in the case of front running business in respect of Axis Mutual Fund. During the search operations, movable properties in the form…
September 11, 2024During the search operations, movable properties in the form of foreign currencies amounting to approximately Rs 13 lakh, various incriminating documents pertaining to overseas immovable properties, overseas bank accounts and digital devices have been seized, according to ED.
Front running is a practice where a broker or trader executes orders on a security for their own account, taking advantage of advance knowledge of pending orders from their customers.
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