India, Oct. 19 -- The Enforcement Directorate (ED) has recorded the statements of several accommodation-entry providers from Kolkata, who were allegedly part of suspicious transactions being investigated in the Foreign Exchange Management Act (FEMA) case against a former fund manager at Axis Mutual Fund.

Accommodation entry refers to any financial transaction between two parties, where one party enters the financial transaction in its books to accommodate the other party in lieu of cash of equal amount and commission.

ED initiated the probe following an interim order by markets regulator, the Securities and Exchange Board of India (SEBI), accusing the former manager, Viresh Joshi, and others, of indulging in 'front running' activities, ...