• HINDI
  • JaiTV
  • Login
Ganga News Today
  • HOME
  • INDIA
  • WORLD
  • ENTERTAINMENT
  • BUSINESS
  • FASHION
  • TECH
  • LIFESTYLE
  • SPORTS
  • OTHERS
    • PEOPLE
    • OPINION
    • BREAKING NEWS
    • INFO
    • SOCIAL
    • VIDEOS
No Result
View All Result
Ganga News Today
  • HOME
  • INDIA
  • WORLD
  • ENTERTAINMENT
  • BUSINESS
  • FASHION
  • TECH
  • LIFESTYLE
  • SPORTS
  • OTHERS
    • PEOPLE
    • OPINION
    • BREAKING NEWS
    • INFO
    • SOCIAL
    • VIDEOS
No Result
View All Result
Ganga News Today
No Result
View All Result
Home INDIA

Subramanian Swamy Alleges ₹5100 Crore Scam in Axis Bank

by Ayushi
February 15, 2024
in INDIA
Swamy has alleged a scam of nearly ₹5,100 crore in the Axis Bank’s transactions in Max Life Insurance shares
X (Twitter)FacebookWhatsappTelegram

Former Rajya Sabha MP and BJP leader Subramanian Swamy has taken a significant step by moving the Delhi High Court, alleging a scam of nearly ₹5100 crore involving Axis Bank, as reported by Bar and Bench. Swamy has accused the private lender of making undue gains through transactions in shares of Max Life Insurance, prompting him to seek a thorough investigation into the matter.

 

In his plea before the court, Swamy has laid out several allegations against Axis Bank and its associated entities. He has called for the formation of a committee consisting of experts to investigate the fraudulent acts he claims to have uncovered. The alleged scam revolves around transactions involving shares of Max Life Insurance, with Swamy contending that Axis Bank and its group companies, namely Axis Securities Ltd and Axis Capital Ltd, made significant profits in a non-transparent manner.

RelatedPosts

Priyanka Gandhi speech in inauguration ceremony of the ATTOI Tourism Convention Wayanad

Maha Kumbh 2025 Sees Record 600 Tons of Floating Waste Recycling, Offers Lessons for Many

PM Shri Narendra Modi Inaugurates Namo Hospital in Silvassa

 

According to Swamy’s plea, the actions of Max Life Insurance Co. Ltd and Max Financial Services Ltd, in conjunction with Axis Bank Ltd, constitute a misuse of power and a breach of regulatory requirements. Swamy asserts that there was a deliberate attempt to manipulate the system to enable Axis Bank and its affiliates to reap unjustified profits from the purchase and sale of equity shares of Max Life.

 

The plea further alleges that Axis Bank, leveraging its dual role as a shareholder and corporate agent of Max Life, engaged in activities that violated regulatory norms and led to illegal profiteering. Swamy contends that despite previous penalties imposed on Axis Bank for similar violations, the institution continued to engage in questionable practices, necessitating a thorough investigation into its recent transactions.

 

Swamy’s plea seeks not only an investigation into the alleged scam but also the formulation of comprehensive guidelines to prevent similar incidents in the future. He emphasizes the need for regulatory authorities to take decisive action against instances of corruption and malpractice in the banking and insurance sectors to uphold the rule of law and protect the interests of consumers.

 

The plea underscores the importance of transparency and accountability in the financial industry, particularly in dealings involving significant sums of money. Swamy’s decision to approach the Delhi High Court reflects his commitment to combating corruption and ensuring that those responsible for fraudulent activities are held accountable.

 

In response to Swamy’s plea, the court has directed him to serve copies of the petition to all respondents and has scheduled the matter for further hearing on March 13, 2024. The involvement of senior advocates on both sides indicates the gravity of the allegations and the legal complexities involved in adjudicating the case.

 

Overall, Swamy’s move to seek judicial intervention in the alleged scam involving Axis Bank and Max Life Insurance underscores the importance of regulatory oversight and enforcement in safeguarding the integrity of the financial system and protecting the interests of stakeholders.

Tags: Axis BankDelhi High CourtFinancial SectorMax Life Insuranceregulatory oversightscamSubramanian Swamy
Previous Post

Zomato Customer Finds Dead Cockroach in Japanese Ramen

Next Post

PTI Nominates Omar Ayub as PM Candidate

Related Posts

Priyanka Gandhi speech in inauguration ceremony of the ATTOI Tourism Convention Wayanad

Priyanka Gandhi speech in inauguration ceremony of the ATTOI Tourism Convention Wayanad

March 30, 2025
Maha Kumbh 2025 Sees Record 600 Tons of Floating Waste Recycling, Offers Lessons for Many

Maha Kumbh 2025 Sees Record 600 Tons of Floating Waste Recycling, Offers Lessons for Many

March 11, 2025
PM Shri Narendra Modi Inaugurates Namo Hospital in Silvassa

PM Shri Narendra Modi Inaugurates Namo Hospital in Silvassa

March 10, 2025
World Animal Protection Approaches Prime Minister to Prevent Elephant Transfer to Delhi from Assam

World Animal Protection Approaches Prime Minister to Prevent Elephant Transfer to Delhi from Assam

October 19, 2024
Quality control order (QCO) regulating footwear imports has been extended till 1 August 2024

India Mandates ISI Mark on Foreign Luxury Shoes

March 31, 2024
The inflated Uber ride bill “did not include a Goods and Services Tax (GST),” the viral post claimed.

Noida Man Receives Rs. 7.66 Crore Uber Bill for ₹26 Auto Ride

March 31, 2024
Next Post
Independent candidates backed by jailed former premier Imran Khan have won 92 seats in last week's election, making them the largest group, but they cannot form a government on their own, having run as individuals and not a party.

PTI Nominates Omar Ayub as PM Candidate

Recent News

Vidyut Jammwal Joins the Spykar Movement with the Launch of Chico Fit

Vidyut Jammwal Joins the Spykar Movement with the Launch of Chico Fit

May 29, 2025

Digital Gold vs Physical Gold : Which is Better

May 14, 2025
Truecaller Introduces Scamfeed : A User-Powered Defense Against Scams

Truecaller Introduces Scamfeed : A User-Powered Defense Against Scams

April 29, 2025
TVS Motor Company Unveils the Upgraded TVS Apache RR 310 with Advanced Features

TVS Motor Company Unveils the Upgraded TVS Apache RR 310 with Advanced Features

April 26, 2025
Lava Announces Exciting Smartphone Offers; Agni 3 Available for as Low as ₹16,999

Lava Announces Exciting Smartphone Offers; Agni 3 Available for as Low as ₹16,999

April 22, 2025
What Indian Car Lovers Can Expect from the VinFast VF 6

What Indian Car Lovers Can Expect from the VinFast VF 6

April 17, 2025
  • ABOUT
  • CONTACT
  • PRIVACY
  • ADVERTISE
  • Hindi – हिंदी
FOLLOW US

© Ganga News Today

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
  • Login
DTV
  • HOME
  • INDIA
  • WORLD
  • ENTERTAINMENT
  • BUSINESS
  • TECHNOLOGY
  • LIFESTYLE
  • SPORTS
  • FASHION
  • HEALTH
  • PEOPLE

© Ganga News Today

Go to mobile version