India, March 23 -- During the Covid-19 pandemic, when people across the country were grappling with lockdowns and workplaces were trying to adapt via remote work options, Viresh Joshi, a fund manager at Axis Mutual Fund (MF), exploited the conditions and orchestrated an elaborate Rs.106.74-crore fraud with the help of his associates and shell firms, the Enforcement Directorate (ED) has told a special Prevention of Money Laundering Act (PMLA) court.

According to the ED's charge sheet which the court took cognisance of on March 6, Joshi and others took advantage of the lack of supervision during the pandemic and made illegal profits by exploiting advance knowledge of large client trades to buy or sell stocks for personal gain, known as fro...