BJP Leader alleges ₹5,100 crore scam

New Delhi : Bharatiya Janata Party leader Subramanyam Swami on Thursday moved the Delhi high court alleging a ₹5,100 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.

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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