According to Swamy's allegations, Axis Bank made undue profits of Rs 4,000 crore through the non-transparent sale and purchase of equity shares of Max Life, in violation of applicable regulations. The petition stated that Axis Bank sold its stake of 0.998% shares of Max Life to MFSL and Mitsui Sumitomo International in March 2021, only to acquire 12.002% shares from MFSL at a significantly lower price range in March-April 2021. This resulted in unlawful gains of approximately Rs 4,000 crore for Axis Bank.