ED names wife of former Axis MF chief dealer in laundering case

Mumbai: In yet another money laundering case, the Enforcement Directorate (ED) has named the wife of the alleged mastermind and key beneficiary as an accused. Vaishali Joshi, spouse of Viresh Joshi, former chief dealer at Axis Mutual Fund arrested for allegedly misappropriating investors' money, is accused of being actively involved in a Rs 107 crore laundering case.Vaishali is alleged to possess properties in India and abroad worth Rs 12 crore, derived from crime proceeds, including flats in World View, Lower Parel, and Trump Tower, Worli. Jointly with her father-in-law Gangaram Joshi and husband Viresh, Vaishali also owns a flat and property in London worth Rs 11 crore purchased in 2023. Vaishali claimed she had a "makeup business and earned around Rs 4 lakh per annum" from it. The ED's chargesheet names Vaishali and Viresh among six accused, including Viresh's brother Vipul Joshi, father Gangaram Joshi, and accomplices Sumit Desai and Pranav Vora. "That she was actively involved in the process of money laundering and opened several joint accounts to frustrate the proceedings under PMLA... investigation established beyond doubt that the accused has been directly and actually involved in the various processes and activities connected with the proceeds of crime," the ED said. The ED said along with her brother-in-law Vipul and niece Hiral, Vaishali opened several joint bank accounts and controlled them for concealment of crime proceeds and projecting it as untainted.The ED claimed Viresh generated Rs 106.74 crore through front-running trades, collecting 88% of the profits in cash. This money was funnelled through shell companies into accounts controlled by Joshi and family. The funds were used to purchase properties in India and London and to create fixed deposits. Sumit Desai and Pranav Vora received 10% of the profits for providing mule trading accounts and installing trading terminals in Dubai while Prijesh Kurani, who managed these accounts, received 2%, it said.Prijesh Kurani oversaw these mule accounts and conducted ilegal trading activities via computer-based trading terminals. He didn't respond to ED's summons; it is continuing its probe against him. The ED's investigation revealed Rs 93.54 crore was transferred into accounts controlled by Viresh's family and firm. These transactions involved 273 Kolkata-based entities, most of which were found to be non-existent. The ED has attached 16 properties worth Rs 45.5 crore in India and UK, including shares in properties belonging to Desai and Vora. Among attached properties of Joshis were four flats in Mumbai and two in London.The ED also alleges Viresh used Vibgyor Capital Holding Pvt Ltd to launder money, with Vipul and Gangaram as directors, despite the company having no business activity. Vipul, who works at a private firm for a monthly salary of Rs 30,000, had Rs 33 crore in his bank accounts.Vaishali, in her statement to ED, claimed ignorance of the funds' sources and financial management, attributing these activities to her husband. She stated her husband managed their daughters' education expenses in London and booked her foreign trips. Vaishali claimed all accounts in her name were opened by Viresh, and she merely signed the forms at his direction.Vipul's wife Rupa who earns Rs 50,000 monthly from a tiffin service, claimed ignorance of an unsecured loan of Rs 7.8 crore taken in her name. She stated Vipul and Viresh managed her accounts. Rupa and Vipul's daughter, Hiral, also said Viresh was responsible for transactions in her accounts. Neither Rupa nor Hiral is named accused. Gangaram stated his sons operated his and his wife's accounts. Last week, in an ED chargesheet, "homemaker" Bharti Pawar was named with her husband Anil Pawar, former VVCMC chief, and 16 others in a laundering case.