Mumbai, Sept. 6 -- A special court here denied bail to a former chief trader and fund manager of Axis Mutual Fund in a money laundering case, citing that economic offences affect the socio-economic condition and financial systems of the country.The court noted that there were serious allegations against the accused, Viresh Joshi, of misappropriating Rs 91 crore belonging to the investors.

Special Judge R B Rote last week rejected Joshi's bail plea in a case under the Prevention of Money Laundering Act (PMLA).

A detailed order was made available on Friday.

Joshi was arrested by the probe agency last month.

The Enforcement Directorate (ED) has alleged that Joshi, while working as a chief dealer, misused his position by sharing confident...