India, April 14 -- A special Prevention of Money Laundering Act (PMLA) court in Mumbai on Monday granted bail to Vipul Joshi, his father Gangaram Joshi and his wife Vaishali Joshi in the alleged Rs.107-crore Axis Mutual Fund front-running money-laundering case. The accused had appeared before the court pursuant to summons and were formally taken into judicial custody in view of the non-bailable nature of the offence.

The prosecution case centres on allegations that Vipul's brother, former Axis Mutual Fund dealer Viresh Joshi, carried out systematic front-running (an illegal market manipulation based on advance non-public knowledge of a large pending client order). Joshi allegedly did this during the Covid-19 work-from-home period by expl...