Axis Mutual Funds Fraud: Axis Mutual Fund has suspended 2 fund managers, but there is no news on the suspicion yet.
AXIS Mutual Funds Fraud 2 Fund Managers Sspended
The Axis Mutual fund has suspended two fund managers in suspetion for doing a fraud of 1000 Cr. In a statement, Axis Mutual Funds said that the two fund managers were suspended; “until further notice” and that they will cooperate with authorities investigating the matter.
The scheme involved the two fund managers submitting false invoices to Axis Mutual Funds; for services that were not actually provided. The fund managers then inflated the prices of these services to increase their profits.
This is not the first time that Axis Mutual Funds has been involved in a scandal involving fund managers. In 2015, Axis Mutual Funds was forced to suspend 9 fund managers after it was discovered that they had been investing client money in illegal securities.
If you have questions about your investments or any other financial matters, please do not hesitate to contact your financial advisor. They can help you to understand your options and protect your assets.
Why Axis Mutual Funds Suspended the Fund Managers
Axis Mutual Fund is a joint venture between Axis Bank and Schroders.
Axis MF has found irregularities in Feb-2022 and have initially asked the 2 fund managers Viresh Joshi and Deepak Agrawal to go on leave. Later, upon several rumors floating they have issued a clarification saying 2 fund managers have done irregularities and have been suspended. Here is the note issued by the Axis Mutual Fund.
Yesterday there was news in a leading newspaper that Axis Mutual Funds has asked 2 of the fund managers to go on leave. Something was suspected and a lot of rumors’ floating on media. Axis Mutual Fund has issued a clarification indicating 2 of the fund managers are suspended on the issue of irregularities. As per leading news paper, one of the fund manager is enjoying lavish life style and driving luxurious sports car. This is creating some turbulence in the mutual fund industry. In this article we would indicate details about Axis Mutual Fund Scam, What exactly happened and whether investors should redeem their mutual fund schemes at this point of time or not.
What about the Investors?
Axis Mutual Funds has suspended the managers of three mutual funds, following a review of their portfolios. The suspensions are effective immediately.
This is an unfortunate development for investors who have invested in these funds. However, we want to reassure them that their investments are safe and that Axis will take all necessary measures to protect them.
We will provide more information as it becomes available.
Who will handle funds while they are suspended?
- Axis Mutual Funds has suspended the fund managers for two of its mutual funds.
- The fund managers will be handled by the company’s Asset Management Division while they are suspended.
- This is an interim measure until new fund managers can be hired and trained.
- Axis Mutual Funds hopes to have new fund managers in place within 90 days.
Axis Mutual Funds has suspended the fund managers of a number of its mutual funds. The move comes after an internal investigation into allegations of misconduct.