The investigative department of the Income Tax began a search in Axis Mutual Fund case on Sunday. The department has been conducting raids on different places of Viresh Joshi, the fund manager of Axis Mutual Fund, and other brokers in Mumbai, Gujarat and Kolkata, reported Zee Business Tarun Sharma.  

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Zee Business had earlier informed its readers and viewers that the fund manager of Axis Mutual was on the radar of the investigative wing of the Income tax department.  

"The Income Tax Department is keeping an eye on all the fund managers in the country. Aound 12 fund managers are on the income tax radar. The department is primarily investigating them," Sharma had said. 

Back then, the IT department has not yet sent any notices to the fund managers. In the coming days, a show-cause notice will be issued by the Department to the fund managers, said Sharma citing the source. 

The IT department is probing the assets and tax filings of the accused fund managers after it was alleged that the accused fund managers have not given the property information in the tax filing, Sharma had said earlier.   

The Income Tax Department is also investigating the front running case of Axis Mutual Fund. In this investigation, some information has come to the fore such as the officials have created many real estate assets. Apart from this, some commercial properties have also been created by them.  

They have shown zero income from their real estate assets, Sharma said in his report.  

Sharma, showing nil income, had said the Income Tax Department may give two options to the accused. Either they can pay money as deemed rent. But here the Income Tax is also investigating what was the source of their wealth. The IT is investigating if the income of these accused justify the real estate assets that has been made by them.