Subramanian Swamy Alleges ₹1,500 Crore Scam By Axis Bank: Delhi High Court Proceedings

On Thursday, Bharatiya Janata Party (BJP) leader Subramanian Swamy took legal action by approaching the Delhi High Court, alleging a scam amounting to ₹1,500 crore involving Axis Bank. According to Bar and Bench, Swamy accuses the private bank of illicitly profiting from transactions involving shares of Max Life Insurance.

In his petition, Swamy contends that there is clear evidence of fraudulent activities within Max Life Insurance and Max Financial Services. He asserts that these entities allowed Axis Bank and its affiliated companies, Axis Securities Ltd and Axis Capital Ltd, to gain unfairly from the buying and selling of Max Life shares in a manner that lacks transparency. Such actions, Swamy claims, violate the directives set forth by the Insurance Regulatory and Development Authority of India (IRDAI).

During a brief hearing, a bench comprising Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora presided over the case. However, the court postponed further proceedings to March after senior advocate Mukul Rohtagi, representing Axis Bank, informed the bench that he had not received a copy of Swamy's plea in advance.

Rohtagi explained to the court that although an email was sent to him, he encountered difficulties opening the attached petition. Consequently, the court decided to reconvene on March 13 to address the matter.

This legal move by Swamy underscores his concerns regarding alleged financial irregularities and underscores the importance of transparency and compliance within the banking and insurance sectors.