Archive · 9 Jun 2025
HDFC Bank CEO Faces Fraud Allegations, Bank Responds
The Lilavati Trust accuses HDFC Bank's CEO, Sashidhar Jagdishan, of serious financial misconduct and obstruction of justice related to a loan default from 2001.
They want him suspended and prosecuted.
The bank denies these claims, stating they are retaliatory and aimed at avoiding repayment of outstanding dues of around ₹65.22 crore.
The Trust claims the FIR is substantiated, citing evidence of bribery and misuse of funds.
HDFC Bank, however, insists the allegations are false and a tactic to undermine debt recovery efforts.
Lilavati Trust demands the suspension of HDFC Bank CEO Sashidhar Jagdishan.
The trust alleges financial fraud, conspiracy, and obstruction of justice.
An FIR has been filed against the HDFC Bank's MD and CEO.
The accusations relate to loan defaults by Splendour Gems Limited in 2001.
HDFC Bank denies the allegations, calling them retaliatory and malicious.
- Who
- Sashidhar Jagdishan, Lilavati Kirtilal Mehta Medical Trust (LKMM Trust), Mehta family, HDFC Bank
- What
- Allegations of financial fraud, criminal conspiracy, and obstruction of justice.
- When
- June 2025 (FIR filed)
- Where
- Mumbai, India
- Why
- Trust seeks CEO's removal; bank seeks debt recovery.
Lilavati Trust
HDFC Bank
Nature of Allegations
Lilavati Trust
Claims are based on substantiated evidence of serious financial misconduct, corruption, and obstruction of justice.
HDFC Bank
Claims are malicious, baseless, and aimed at avoiding debt repayment.
Motivation
Lilavati Trust
Seeks to restore faith in banking and legal systems by removing the CEO and ensuring justice.
HDFC Bank
A calculated attempt to obstruct legitimate recovery proceedings and undermine the bank's reputation.
Desired Outcome
Lilavati Trust
Immediate suspension and prosecution of CEO.
HDFC Bank
Continue all lawful remedies to recover the dues.
- Accused
- Sashidhar Jagdishan
- Accusations
- Financial fraud, conspiracy, obstruction of justice
- Accuser
- Lilavati Kirtilal Mehta Medical Trust (LKMM Trust)
- Affected Party
- HDFC Bank
- Loan Defaulting Company
- Splendour Gems Limited
- Outstanding Dues
- ₹65.22 crore (approximate)
- FIR Filed
- June 2025
Sources
HDFC Bank Stocks & Share Price Live Updates: HDFC Bank trades flat, bank denies Lilavati Trust’s allegation against its MD and CEO Sashidhar Jagdishan
Who Is Sashidhar Jagdishan? HDFC CEO And MD Facing Financial Fraud Allegations
Who Is Sashidhar Jagdishan? HDFC Bank CEO & MD Named In Lilavati Trust FIR
Who is Sashidhar Jagdishan, the banking executive at the centre of HDFC Bank's fraud allegations
HDFC Bank to pursue legal remedies against Mehta family of Lilavati Trust
Inside the HDFC Bank controversy: A timeline of fraud allegations, loan default and legal battle
Lilavati Trust seeks removal of HDFC Bank CEO, Bank says FIR against CEO filed to evade loan dues
Who Is Sashidhar Jagdishan? HDFC Bank MD At The Centre Of Fraud Allegations
Mehta Family Files FIR Against HDFC Bank CEO Over Loan Recovery Dispute and Lilavati Trust Allegations
Looking at HDFC Bank CEO Sashidhar Jagdishan's annual payout as lender faces trust fund fraud claims