Axis Bank Rs 5100 crore Scam: BJP Leader Subramanian Swamy files PIL in Delhi High Court

In a significant development, Subramanian Swamy, a prominent leader of the Bharatiya Janata Party (BJP), has filed a Public Interest Litigation (PIL) before the Delhi High Court, alleging a scam worth approximately ₹5,100 crore involving Axis Bank. Swamy claims that the bank has made “undue gains” through transactions in shares of Max Life Insurance in a non-transparent manner, as reported in the case of Dr. Subramanian Swamy v Union of India and Ors.
According to Swamy’s plea, there has been blatant fraud in Max Life Insurance and Max Financial Services, allowing Axis Bank Limited and its group companies, Axis Securities Limited and Axis Capital Limited, to make “undue profits/gains” from the purchase and sale of equity shares of Max Life. These transactions are said to be in violation of the mandatory directions of the Insurance Regulatory and Development Authority of India (IRDAI).
Swamy argues that the alleged scam should be investigated by a committee of experts, given its magnitude and potential impact on the financial security of the citizens of the country.
The PIL was heard by a Division Bench consisting of Acting Chief Justice Manmohan and Justice Manmeet Pritam Singh Arora. Senior Advocate Rajshekhar Rao appeared on behalf of Swamy, highlighting the urgency and importance of the case. Rao pointed out that even for smaller offenses, the Enforcement Directorate (ED) has taken action, but no action has been taken thus far, despite the alleged quantum of ₹5,100 crore involved in this case.
Senior Advocate Mukul Rohatgi, representing Axis Bank, informed the court that he had not been served with an advance copy of the petition. Rohatgi mentioned that although an email was sent to his side, the attached petition could not be opened.
The court directed Swamy’s counsel to provide a copy of the plea to Rohatgi and adjourned the case until March 13. Swamy’s PIL emphasizes that the issue at hand is of national importance, as it pertains to the financial security of the country’s citizens. The plea also alleges that Axis Bank unlawfully gained approximately ₹4,000 crore through the non-transparent purchase and sale of equity shares of Max Life.
With the case set to proceed in March, all eyes will be on the Delhi High Court as it delves into the allegations and determines the appropriate course of action.