New Delhi, May 26 : Former Chief Trader and Fund Manager of Axis Mutual Fund Viresh Joshi is on the radar of the Income Tax Department amid allegations of irregularities. Joshi has been accused of taking bribes from the brokers in lieu of sharing mutual fund's tips. It has been alleged that he made huge financial gains from the brokers and bought a Lamborghini and several luxury apartments in Mumbai. It was also alleged that brokers used to pay him on a monthly basis. Joshi allegedly invested in mutual funds by buying many Midcap and smallcap stocks to benefit the brokers and himself. The I-T department has reportedly formed a team of its elite officials to look into the alleged front-running scam and the Axis Mutual Fund. Around 12 fund managers, including Joshi, are on the radar of the I-T department. The Axis Bank had said that it had on May 4 suspended Joshi and other fund managers on the charge of alleged front-running. The Income Tax Department was surprised as the accused didn't furnish information about their real estate in the tax filing, which was later detected. The I-T department in its preliminary inquiry found that the fund managers have a number of commercial and non commercial assets, which they allegedly hid in their tax filing. They had even shown that they were not earning from their real estate businesses. The I-T department has learnt that the fund managers were earning rent from their properties on which the tax was not paid. The department is also looking into their sources of income, as to how the fund managers were able to buy luxury apartments and other properties. The fund managers will now face the tax evasion case and there are also possibilities that they might face a parallel probe on their sources of income. In coming days, the I-T department could summon all of the fund managers to appear before it and furnish the documents regarding their sources of income. /IANS