“Subramanian Swamy Accuses Axis Bank of ₹1,500 Crore Scam in Delhi High Court: Report”
Bharatiya Janata Party (BJP) leader Subramanian Swamy has brought forward serious allegations against Axis Bank, claiming a scam of ₹1,500 crore in a petition filed with the Delhi High Court. According to a report by Bar and Bench, Swamy has accused the private lender of illicit gains through transactions involving shares of Max Life Insurance.
Bharatiya Janata Party (BJP) leader Subramanian Swamy has brought forward serious allegations against Axis Bank, claiming a scam of ₹1,500 crore in a petition filed with the Delhi High Court. According to a report by Bar and Bench, Swamy has accused the private lender of illicit gains through transactions involving shares of Max Life Insurance.
In his petition, Swamy has highlighted what he describes as “blatant” fraud within Max Life Insurance and Max Financial Services. Allegedly, these entities facilitated Axis Bank Ltd and its associated companies, Axis Securities Ltd and Axis Capital Ltd, to reap “undue profits/gains” from the trading of Max Life’s equity shares in a manner that lacked transparency. Swamy asserts that these actions violated the mandatory directives of the Insurance Regulatory and Development Authority of India (IRDAI).
The matter was briefly heard by a bench comprising acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora. However, the court decided to adjourn the case to March 13 after senior lawyer Mukul Rohtagi, representing Axis Bank, informed the bench that he had not been served with a prior copy of the plea. Rohtagi stated that although a mail was sent to him, he was unable to open the attached petition.
This development underscores the gravity of Swamy’s allegations and sets the stage for a potentially significant legal battle between the BJP leader and Axis Bank. The outcome of the case, scheduled for further consideration in March, will be closely monitored as it unfolds.
Sources By Agencies
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