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.
During 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.
RECOMMENDED FOR YOU
'Bengal Cat' Cyberattack: Search These Six Words On Google And You May Get Hacked
Nov 13, 2024
MHA To Cancel FCRA Licenses Of NGOs Involved In Religious Conversions
Nov 11, 2024
Alphabet’s Pricey AI Bet Pays Off With Growth In Cloud, Search
Oct 30, 2024
Tax Crackdown Links NGOs To Foreign Funding And Joint Agendas: Report
Oct 03, 2024
POPULAR