BJP leader Subramanian Swamy's ‘ ₹1,500 crore scam’ charge at Axis Bank in Delhi high court: Report

A bench of acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora heard the matter briefly

Updated on: Feb 15, 2024, 14:02:48 IST

By HT News Desk

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Bharatiya Janata Party leader Subramanian Swamy on Thursday moved the Delhi high court alleging a ₹1,500 crore scam by Axis Bank. The BJP leader has accused the private lender of undue gains through transactions in shares of Max Life Insurance, Bar and Bench reported.

In his petition, Swamy has alleged ‘blatant’ fraud in Max Life Insurance and Max Financial Services. The plea claims that Max Life Insurance and Max Financial Services reportedly allowed their shareholder Axis Bank Ltd and its group companies Axis Securities Ltd and Axis Capital Ltd to make “undue profits/gains from the purchase and sale of equity shares of Max Life in non-transparent manner thereby, violating the mandatory directions of the Insurance Regulatory and Development Authority of India,” the report added.

A bench of acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora heard the matter briefly. The court adjourned the case to March after senior lawyer Mukul Rohtagi, while appearing for Axis Bank, informed the bench that he was not served with prior copy of the plea.

Rohatgi told the court that a mail was sent to him but the petition attached in the mail could not be opened, the Bar and Bench report added. The court decided to consider the case on March 13.

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