BJP leader Subramanian Swamy alleges ₹1,500 crore scam by Axis Bank, moves Delhi HC

Bharatiya Janata Party (BJP) leader Subramanian Swamy has taken his allegations of a ₹1,500 crore scam by Axis Bank to the Delhi High Court. Swamy accuses the private lender of making undue gains through transactions in shares of Max Life Insurance, citing 'blatant' fraud in Max Life Insurance and Max Financial Services. The court heard the matter briefly, adjourning it to March 13 after senior lawyer Mukul Rohtagi, representing Axis Bank, stated he was not served with a prior copy of the plea.

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.