Subramanian Swamy moves court alleging Rs 5,100 cr scam in Axis Bank-Max Life dealings

subramanian swamy moves court alleging rs 5,100 cr scam in axis bank-max life dealings

Subramanian Swamy moves court alleging Rs 5,100 cr scam in Axis Bank-Max Life dealings

BJP leader Subramanian Swamy has approached the Delhi High Court, alleging a scam of nearly Rs 5,100 crore in Axis Bank making undue gains through transactions in shares of Max Life Insurance.

The petition has impleaded the Union of India, RBI, SEBI, IRDAI, Axis Bank, Axis Capital, Axis Securities, Max Financial Services Ltd, and Max Life Insurance Co Ltd as parties in the case.

The case was listed before a bench of Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora. The next hearing is scheduled for March 13th.

Swamy’s petition seeks direction to investigate the ‘blatant fraudulent acts’ of Max Life Insurance and Max Financial Services, allowing shareholder Axis Bank Ltd. (Respondent No. 5) and its group companies to make undue profits from non-transparent transactions. Swamy alleges a violation of the mandatory directions of the Insurance Regulatory and Development Authority of India.

Filed through Advocate Satya Sabharwal, the petition emphasises the need to expose the prevalent issues in private sector banks. Swamy argues that Axis and Max are attempting to acquire a shareholding in Max Life through unfair and non-transparent means, manipulating records and valuations to serve their interests.

The petition calls for the High Court’s intervention, directing an investigation by a Committee of Experts appointed by it. Additionally, Swamy seeks guidelines, in line with the committee’s recommendations, to prevent future transactions of this nature and regulate arrangements between banks or other financial/insurance institutions.

The plea highlights the rampant corruption in the banking and insurance industry, emphasising the executive’s unwillingness to take necessary action, negatively impacting people’s right to live in a corruption-free society.

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